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Page added on April 20, 2018

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Which countries have the biggest oil reserves?

Geology

Oil is created from the decomposition of organic materials, which are under extreme heat and pressure over a period of millions of years. Oil is more common than you think. You can find it in products like plastics, car tires, perfumes, etc. According to Our World in Data, fossil fuel production can be traced all the way to 4000 BC.

Oil is an important energy resource for the world and for the global economy. In addition, it is a non-renewable energy source that unfortunately pollutes the environment with catastrophic proportions.

In the subsequent sections, we’ll go over the list of countries that have the largest oil reserves. Also, look at the countries that have expanded their productions, and where is the consumption of oil heading in the next couple of decades.

Ranking of top eight countries with highest oil reserves

Countries that possess large amounts of oil belong to The Organization of Petroleum Exporting Countries (OPEC). As stated by Investopedia, the organization consists of 12 countries who are the world’s primary and major oil-exporting nations. The OPEC was founded in the year 1960 and was set up to coordinate petroleum policies for its members.

Russia and Canada are the only two countries that are not part of the OPEC. On the other hand, countries or member nations that conform the OPEC own more than 80 percent of the proven oil reserves. Per Investopedia, these are the countries ranked by percent of crude oil reserves (in billion barrels):

1. Venezuela (20.2 percent)

2. Saudi Arabia (18 percent

3. Canada (11.8 percent)

4. Iran (10.6 percent)

5. Iraq (9.5 percent)

6. Kuwait (6.9 percent)

7. United Arab Emirates (6.6 percent)

8. Russia (4.1 percent)

In a report by World Atlas, Venezuela represents the top exporter. The country has over 300 million barrels of proven reserves. Saudi Arabia follows in second place with 266,455 million barrels. The country is perceived as a modern state due to its oil reserves and influence in the region.

Canada is a different story. It has 169,709 million barrels and has considerable oil sand deposits in the province of Alberta. Iran has approximately 160,000 million barrels of oil reserves. The country, aka as Persia, first produced oil in 1908. At its current rate of extraction, it is expected to run out in about 100 years.

Iraq is one of the largest crude oil reserves in the world.

Iraq is one of the largest crude oil reserves in the world. (Source)

Iraq is one of the countries with a complicated history of war. Naturally, having a natural resource like oil in abundance is an attractive commodity for foreign nations to look for opportunities to invest and exploit it. The country has 142,503 million barrels. As stated in the above Investopedia report, Iraq sits upon some of the world’s largest proven reserves of petroleum crude oil.

Kuwait, in spite of being a small country, has a considerable share of petroleum oil reserves. It is 101,500 million barrels. The United Arab Emirates has 97,800 million barrels of oil reserves and mostly concentrated in the Zakum field (66 billion barrels).

Russia possesses plenty of natural resources. In regard to oil, the country’s 80, 000 million barrels can be found under the vast Siberian plains. The next two countries were not previously mentioned but are of importance on the global stage. Libya has the largest oil reserves in Africa and the ninth largest. The country’s estimates are still unknown because of the turbulent political shits in recent years.

The United States oil reserves have skyrocketed in recent years. This is in part due to the unconventional methods of extracting and drilling for oil. The U.S has 39,230 million barrels of oil reserves.

Takeaways and conclusions

Oil has remained an enormous source of energy for the world. It is especially true since vehicles, trucks and others rely on fuel. So, it accounts for 39 percent of fossil energy.

In a press release by Market Watch, it confirms global demand for crude oil will peak in the next two decades. This is because as renewables through solar power grow over time it will eventually phase out the use of fossil fuels.

It is expected that by the year 2035, demand will reach 110.3 million barrels a day. Companies eventually will start to transition to alternative forms of energy and will be interesting to see what the future holds for renewable energy.

 

Born2Invest



27 Comments on "Which countries have the biggest oil reserves?"

  1. forbin on Fri, 20th Apr 2018 9:44 am 

    Venezuela of course – biggest tar pits

    and likely to stay that was considering the plight of its people

    Forbin

  2. Dredd on Fri, 20th Apr 2018 10:15 am 

    “Which countries have the biggest oil reserves?”

    The ones that are pathogens (Follow The Immunity – 4).

  3. BobInget on Fri, 20th Apr 2018 11:24 am 

    “The next thing the world is going to wake up to is that the 10 mm barrels the U.S. is producing isn’t oil – it is condensate. Even if we could completely debottleneck the infrastructure problem tomorrow – that doesn’t meet domestic refinery demand of 17 mm barrels per day of REAL oil.”

    That’s the truth, so help me.
    Of course, Venezuela has more ‘real oil’ then second place Canada.

    Now: US can either invade Venezuela or annex
    Alberta. The way politics are between BC and Alberta, annexation would be cheaper.

    Albertans would not want to give up ‘Healthcare’, but neither does Vermont, Oregon or Hawaii.

    Another ‘solution’ give up on oil. Shale crude is for a few more years, shale gas OTOH, for a century.
    Electric generators are shifting to NG out of coal, not because they love the planet but NG is cheaper. ICE engines are easily converted.

    JetFuel, diesel can be made with condensate rich
    crude as can most lubricants.

  4. Kat C on Fri, 20th Apr 2018 11:28 am 

    https://en.wikipedia.org/wiki/List_of_countries_by_net_oil_exports
    Being a net exporter matters more than how much oil you have. Being a net exporter means you have all you need and can sell the excess to buy other stuff. Being a net importer means you have to export other stuff to get what you need.

  5. dave thompson on Fri, 20th Apr 2018 11:54 am 

    Venezuela is always listed as the leading country with the most oil. Read up on Venezuela and find out what the stuff is. Comparing Saudi and Venezuela oil is ridiculous.

  6. Boat on Fri, 20th Apr 2018 3:05 pm 

    Dave,

    There is the world opinion on what oil is and then there is yours. The largest market on Earth buys up and uses mostly the oil you trash. And do it at reasonable price.

  7. dissident on Fri, 20th Apr 2018 6:08 pm 

    The Russia estimate is cute. It supposedly has the reserves similar in size to Kuwait but produces over 10 million barrels per day. Kuwait has a snowball’s chance in Hell of ever producing this much. Conclusion: grossly underestimated reserves.

    BTW, Hubbert’s theory is good also in that it prevents any sorts of BS claims about how production can be high until the last second and then zero production. For producers the size of Russia there are too many fields and too many wells for them to all synchronize to the same production curve. A bell-like curve applies in the aggregate.

  8. makati1 on Fri, 20th Apr 2018 6:24 pm 

    dissident, obviously, you are correct. There is a ‘peak’ of sorts in price and availability, but there will be no ‘crash’ to the bottom with zero oil available. Baring nuclear war, the oil flow will taper off until there is no field in the world able to produce at a net positive energy. Oil may go to $10,000+/bbl, but it will be available. The limiting factor is when it takes more energy to recover and use the oil than the oil contains. Negative EROEI.

  9. Boat on Fri, 20th Apr 2018 7:16 pm 

    Us first in all reserves. Over 2 trillion left if needed.

    https://www.rystadenergy.com/newsevents/news/press-releases/united-states-now-holds-more-oil-reserves-than-saudi-arabia

    No crash from lack of oil anytime soon. Yawn, been reporting this for close to 5 years. Only climate change has a chance to slow oil for at least a decade. Go for a ride and calm down.

  10. The last drop on Fri, 20th Apr 2018 9:32 pm 

    Only one more to invade and conquer and control…. Mother Russia…. Watch out, those Ruskies are no pushovers… Just ask the French and Germans.. Hail

  11. dave thompson on Fri, 20th Apr 2018 11:21 pm 

    The US gets something on the order of One million barrels from stripper wells that would never produce if the US Govt. did not subsidize these otherwise negative EROEI wells. These wells are where the world is headed. Also to places like Canada and Venezuela with the dregs of tar sands.

  12. makati1 on Fri, 20th Apr 2018 11:54 pm 

    Without the government subsidies, the corporate and bank bailouts, the Us would be importing most of it’s oil at much higher prices, if its economy didn’t collapse, which is likely. Most Americans don’t realize that their foot is already over the cliff.

  13. makati1 on Sat, 21st Apr 2018 12:06 am 

    Boat, you are delirious. 2 trillion what? lies? I’ll believe that, but 2 trillion barrels? More Texas bullshit.

    “The U.S has 39,230 million barrels of oil reserves.” In long numbers that is less than 40 billion barrels. 1/5 of your claim and still all lies. Not 1/3 of that will ever be recovered. Not even close.

    This article is an ad for suckers. LMAO

  14. MASTERMIND on Sat, 21st Apr 2018 12:43 am 

    Boat

    Oil discoveries in 2017 hit all-time low –Houston Chronicle
    https://www.chron.com/business/energy/article/Oil-discoveries-in-2017-hit-all-time-low-12447212.php

    HSBC Global Bank: 81% of world liquids production already in decline and world oil shortages ahead
    https://www.scribd.com/document/367688629/HSBC-Peak-Oil-Report-2017

    Chevron CEO warns US shale oil alone cannot meet the world’s growing demand for crude
    https://www.cnbc.com/2017/05/01/us-shale-cannot-meet-the-worlds-growing-oil-demand-chevron-ceo-warns.html

    IEA Chief warns of world oil shortages by 2020 as discoveries fall to record lows
    https://www.wsj.com/articles/iea-says-global-oil-discoveries-at-record-low-in-2016-1493244000

    Saudi Aramco CEO sees oil supply shortage coming as investments, discoveries drop
    https://www.reuters.com/article/us-aramco-oil/aramco-ceo-sees-oil-supply-shortage-as-investments-discoveries-drop-idUSKBN19V0KR

    https://imgur.com/a/pYxKa

    Now back to your cave spook!

  15. Davy on Sat, 21st Apr 2018 4:55 am 

    “Without the government subsidies, the corporate and bank bailouts, the Us would be importing most of it’s oil at much higher prices, if its economy didn’t collapse, which is likely. Most Americans don’t realize that their foot is already over the cliff.”

    Billy 3rd world, do you have any references? How would that work and explain exactly the subsidies you are talking about. I think your comment is mostly emotions but empty intellectually.

  16. dave thompson on Sat, 21st Apr 2018 6:24 am 

    http://r.search.yahoo.com/_ylt=AwrJ3UnMHttazmUAwHAPxQt.;_ylu=X3oDMTByNXQ0NThjBGNvbG8DYmYxBHBvcwM1BHZ0aWQDBHNlYwNzcg–/RV=2/RE=1524338509/RO=10/RU=https%3a%2f%2fwww.eia.gov%2ftodayinenergy%2fdetail.php%3fid%3d26872/RK=2/RS=cL0QvEY53rVsC1fymIgWo57V3u8-

  17. Cloggie on Sat, 21st Apr 2018 6:43 am 

    Thanks to your link dave thomson, the entire thread is unreadable, even on a 28 inch monitor.

    Please use tinyurl.com

  18. MASTERMIND on Sat, 21st Apr 2018 7:23 am 

    Boat

    Coal cannot work without crude, crude cannot work without coal, natural gas cannot work without both oil and coal, Shale oil cannot work without any of those, and so on……

  19. MASTERMIND on Sat, 21st Apr 2018 7:42 am 

    Bill Maher: Trump’s attorney Michael Cohen famously said once “I willing to take a bullet for Donald Trump. Well now that he is facing prison time. We’ll see if he is “willing to take a dick”…

  20. Boat on Sat, 21st Apr 2018 9:16 am 

    Clog

    Go 60″.

  21. Boat on Sat, 21st Apr 2018 9:42 am 

    Mak, mm

    The Norway based company has to be more credible than the trash you read. Just check the corruption index of countries. Venz is down on the list when it comes to reserves. They lie using sketchy methodology. The US is #1 because of all the shale, Russia #2.

    https://www.rystadenergy.com/newsevents/news/press-releases/2017-annual-oil-recoverable-resource-review

  22. Cloggie on Sat, 21st Apr 2018 10:22 am 

    Boat,

    Your Rystad link attributes far more reserves to Russia than Born2Invest.

  23. MASTERMIND on Sat, 21st Apr 2018 10:29 am 

    Clogg

    Post collapse..If she wont swallow..I put it on a spoon for that bitch! And make airplane noises!

  24. MASTERMIND on Sat, 21st Apr 2018 10:32 am 

    Boat

    Coal cannot work without crude, crude cannot work without coal, natural gas cannot work without both oil and coal, Shale oil cannot work without any of those, and so on…

    You can’t just substitute one kind of oil for another you retard. Not all energy is equal.

  25. MASTERMIND on Sat, 21st Apr 2018 10:33 am 

    Boat

    More credible than the IEA and Saudi’s? I think not…

    https://imgur.com/a/pYxKa

  26. MASTERMIND on Sat, 21st Apr 2018 10:35 am 

    Boat

    Peak oil is not a myth -The Royal Society of Chemistry

    Current data for the decline in oil fields’ production indicates that around 3 million barrels per day of new production must be achieved year on year, simply to sustain supply levels. This is equivalent to finding another Saudi Arabia every 3–4 years. In this context, fracking is at best a stop-gap measure. Conventional oil production is predicted to drop by over 50% in the next two decades and tight oil is unlikely to replace more than 6%.

    Once conventional oil’s rate of loss exceeds unconventional oil’s rate of production, world production must peak. Production of sweet, light crude actually peaked in 2005 but this has been masked by the increase in unconventional oil production, and also by lumping together different kinds of material with oil and referring to the collective as ‘liquids’. (More recently, the term ‘liquids’ is often upgraded to ‘oil’, which is highly disinformative since the properties of the other liquids are quite different from crude oil.)
    https://www.chemistryworld.com/opinion/peak-oil-is-not-a-myth/7102.article

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