What Country Has The Largest Oil Reserves?

The World’s Largest Oil Reserves By Country

  • Canada – 169,709 million barrels.
  • Iran – 158,400 million barrels.
  • Iraq – 142,503 million barrels.
  • Kuwait – 101,500 million barrels.
  • United Arab Emirates – 97,800 million barrels.
  • Russia – 80,000 million barrels.
  • Libya – 48,363 million barrels.
  • United States – 39,230 million barrels.

Here are the top countries with the biggest proven oil reserves, as reported by EIA.

  • Venezuela. Proven oil reserves in 2013 (billion barrels): 297.6.
  • Saudi Arabia. Proven oil reserves (billion barrels): 267.91.
  • Canada. Proven oil reserves: 173.105.
  • Iran. Proven oil reserves: 154.58.
  • Iraq.
  • Kuwait.
  • United Arab Emirates.
  • Russia.

Venezuela possesses 85 per cent of the region’s crude reserves, and Latin America has the second largest oil reserves in the world after the Middle East, which has 55 per cent of the global total, according to figures presented by the Latin American Energy Organisation (OLADE) at a two-day seminar that ended Wednesday As of 2015, declines are due mostly to political and civil instability and violence in many of Africa’s biggest oil-producing countries.

  • Nigeria. Nigeria produced more than 2.4 million barrels of oil per day in 2014 to rank as the 13th-largest oil producer in the world.
  • Angola.
  • Algeria.
  • Egypt.
  • Libya.

What country has the most oil in the world 2017?

Top 10 Countries With Largest Oil Reserves 2017

  1. Venezuela – 298.4 Billion Barrels. Venezuela Oilfield Map.
  2. Saudi Arabia – 268.3 Billion Barrels. Saudi Arabia Oifield Map.
  3. Canada – 171 Billion Barrels.
  4. Iran – 157.8 Billion Barrels.
  5. Iraq – 144.2 Billion Barrels.
  6. Kuwait – 104 Billion Barrels.
  7. Russia – 103.2 Billion Barrels.
  8. United Arab Emirates – 97.8 Billion Barrels.
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What country has the most oil in the world 2018?

Who are the Largest Oil Producing Countries?

  • USA. Leading the way in global oil production in 2017 was the USA, which represented about 13.4% of the world’s total oil output.
  • Saudi Arabia. Saudi Arabia — one of the top oil producing countries in the world.
  • Russia.
  • Canada.
  • China.
  • Iran.
  • Iraq.
  • UAE.

Does the US have the largest oil reserves?

The 2014 reserves represent the largest US proven reserves since 1972, and a 90% increase in proved reserves since 2008. The Energy Information Administration estimates US undiscovered, technically recoverable oil resources to be an additional 198 billion barrels.

How many years of oil reserves are left in the world?

Globally, we currently consume the equivalent of over 11 billion tonnes of oil from fossil fuels every year. Crude oil reserves are vanishing at a rate of more than 4 billion tonnes a year – so if we carry on as we are, our known oil deposits could run out in just over 53 years.

How much oil has Saudi Arabia got left?

Today, Saudi Arabia announced the official results of a third party audit of its oil and gas reserves. The number is 263.2 billion barrels of oil. This does not include Saudi Arabia’s share of oil reserves in the neutral zone, an area shared between Saudi Arabia and Kuwait.

Who owns the most oil in the world?

The Five Biggest Oil Companies In The World

  1. Saudi Aramco. Saudi Aramco is the world’s largest oil company.
  2. Sinopec. Sinopec is a state-owned Chinese oil company in Beijing and the second largest oil company in the world with an annual revenue of 455.499 billion dollars.
  3. China National Petroleum Corporation.
  4. ExxonMobil.

How much oil is left in the world 2018?

By comparison, world oil reserves at the end of 2017 were reported to be 239 billion metric tons by BP (2018). World oil production is projected to peak in 2,021 at 4,529 million metric tons and decline to 3,552 million metric tons by 2050.

Where does the US get most of its oil?

The largest sources of U.S. imported oil were: Canada (40%), Saudi Arabia (11%), Venezuela (9%), Mexico (8%), and Colombia (4%). According to the American Petroleum Institute, the oil and natural gas industry supports nine million U.S. jobs and makes up seven percent of the nation’s gross domestic product.

How long will Saudi oil reserves last?

As of January 2007, Saudi Aramco’s proven reserves were estimated at 259.9 billion barrels (41.32×109 m3), comprising about 24% of the world total. They would last for 90 years at the current rate of production. 85% of Saudi oil fields found have not produced oil yet.

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What country has the most gold?

Below are the top 10 countries with the largest gold holdings, beginning with India.

  • United States. Tonnes: 8,133.5. Percent of foreign reserves: 75.2 percent.
  • Germany. Tonnes: 3,371.0.
  • Italy. Tonnes: 2,451.8.
  • France. Tonnes: 2,436.0.
  • Russia. Tonnes: 1,909.8.
  • China. Tonnes: 1,842.6.
  • Switzerland. Tonnes: 1,040.0.
  • Japan. Tonnes: 765.2.

What will happen when oil runs out?

What Will Happen If We Run Out of Oil and Petroleum? Between 1965 and 2005, humanity has seen an increase in demand for crude oil by about two and a half times. We are using twice as much coal and three times more natural gas. At present, crude oil constitutes around 33% of global energy needs.

Where is the largest oil field in the world?

Safaniya (Saudi Arabia) The Safaniya field is the world’s largest offshore oil field. Located in the Persian Gulf, the Safaniya field is thought to hold more than 50 billion barrels of oil. It is Saudi Arabia’s second largest producing field behind Ghawar, churning out 1.5 million bpd.

Will oil reserves run out?

According to BP’s Statistical Review of World Energy, global oil reserves at the end of 2012 were 1.7 trillion barrels. Given that the world consumes about 86 million barrels of crude oil per day, it would be easy to conclude we’ll run out of oil in 55 years, or sooner if we increase production consumption.

How much oil does the earth have left?

The world has 53.3 years of oil left at the current rate of production, according to BP’s annual statistical review of world energy. Just 53 years! From the report: Total world proved oil reserves reached 1687.9 billion barrels at the end of 2013, sufficient to meet 53.3 years of global production.

How much oil reserves does Russia have?

Russia has the world’s eighth-largest proven oil reserves, at 80 billion barrels. Russia is the second-largest crude oil exporter by volume.

Who found oil in Saudi Arabia?

Saudi Arabian oil was first discovered by the Americans in commercial quantities at Dammam oil well No. 7 in 1938 in what is now modern day Dhahran.

Who owns the oil in Saudi Arabia?

The company, founded by United States oil companies (Aramco is short for Arabian American Oil Company), was nationalized by the Saudi government in the 1970s.

How Long Will Middle East oil reserves last?

BP’s annual report on proved global oil reserves says that as of the end of 2013, Earth has nearly 1.688 trillion barrels of crude, which will last 53.3 years at current rates of extraction. This figure is 1.1 percent higher than that of the previous year.

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What country consumes the most oil?

  1. The United States. The United States, the world’s biggest oil consuming country, consumed 18.5 million barrels of oil per day (mbd) in 2012, which accounted for nearly 20% of the world’s total oil consumption per day.
  2. China.
  3. Japan.
  4. India.
  5. Russia.
  6. Saudi Arabia.
  7. Brazil.
  8. Germany.

Does Pakistan have oil?

According to media reports, if oil deposits are discovered as expected, Pakistan will be among top 10 oil-producing countries. Pakistan currently meets only 15 per cent of its domestic petroleum needs with crude oil production of around 22 million tons; the other 85 per cent is met through imports.

Which country has the best oil in the world?

Top 20 Countries With The World’s Largest Proven Oil Reserves:

  • Venezuela – 300 billion barrels.
  • Saudi Arabia – 269 billion barrels.
  • Canada – 171 billion barrels.
  • Iran – 157.8 billion barrels.
  • Iraq – 143 billion barrels.
  • Kuwait – 104 billion barrels.
  • Russia – 80 billion barrels.
  • United Arab Emirates – 98 billion barrels.

How much does Saudi Arabia make from oil?

1. Saudi Aramco – 12.5 million barrels per day. Saudi Aramco is by far the biggest energy company in the world, generating more than $1 billion a day in revenues. This image depicts the Shaybah mega-project, sitting on more than 15 billion barrels of oil in the Rub al-Khali desert.

How much of Saudi Arabia GDP is from oil?

The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP. Saudi Arabia’s oil reserves and production are largely managed by the state-owned corporation Saudi Aramco. Another 40% of GDP comes from the private sector.

How many oil wells are in Saudi Arabia?

Most of Saudi Arabia’s oil fields are in the eastern part of the country. The Ghawar Oil Field is the largest in the world with an estimated 60-70 billion barrels of remaining reserves.

Photo in the article by “Wikipedia” https://en.wikipedia.org/wiki/OPEC

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