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Oil Reserves 2022
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Crude oil is the world’s main source of fuel and largest overall source of primary energy. In 2020, the world used approximately 88.6 million barrels per day of oil, which amounted to 30.1% of the world's primary energy. Crude oil creates gasoline, jet fuel, diesel, asphalt, tar, and lubrication oils. "Oil reserves" is an estimate of the amount of not-yet-mined crude oil located in a particular country that can be recovered with current technology and at a cost that is financially feasible in relation to the current price of oil.
The United States is the world's foremost producer of oil, as well as the world's largest consumer of oil, which makes it necessary for the U.S. to import additional oil from dozens of other oil-producing countries. Despite its world-leading oil production, the United States is only 9th in the world in terms of available oil reserves:
Top 10 Countries with the Largest Oil Reserves (in thousand million barrels):
Country | Oil Reserves 2022 🔽 |
|---|---|
| Venezuela | 303,221 |
| Saudi Arabia | 267,192 |
| Iran | 208,600 |
| Iraq | 145,019 |
| United Arab Emirates | 113,000 |
| Kuwait | 101,500 |
| Russia | 80,000 |
| United States | 55,251 |
| Libya | 48,363 |
| Nigeria | 36,967 |
How the accessibility of oil reserves impacts profitability
Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels. Despite Venezuela’s massive supply of natural resources, the country still struggles economically. Venezuela and Saudi Arabia have populations of comparable size; however, Saudi Arabia’s economy is twice as large. One of the main reasons for this disparity is the accessibility of each country's oil reserves.
Although Venezuela has the most oil reserves in the world, most of its oil is offshore or far underground and is considered to be dense. As such, the cost of extracting the oil in Venezuela’s reserves using the technology currently available is too high to be profitable. Saudi Arabia’s oil reserves, on the other hand, are close to the surface and on land, which makes the oil much more accessible and the extraction process vastly more cost-effective. This, in turn, makes Saudi Arabia's oil sector significantly more profitable.
Notes:
- Different sources include different classes of oil reserves (for instance, some may exclude shale oil or tar sands oil) or have different definitions of "proven" oil reserves. This can lead to disparities between estimates from different sources.
- The most notable of these disparities is Canada, whose estimated reserves change greatly depending upon whether the source is OPEC (2022 data below) or BP (2020 data below).
Country | Oil Reserves 2022 (Million Barrels) | Oil Reserves 2020 (Million Barrels) |
|---|---|---|
| Venezuela | 303,221 | 303,800 |
| Saudi Arabia | 267,192 | 297,500 |
| Iran | 208,600 | 157,800 |
| Iraq | 145,019 | 145,000 |
| United Arab Emirates | 113,000 | 97,800 |
| Kuwait | 101,500 | 101,500 |
| Russia | 80,000 | 107,800 |
| United States | 55,251 | 68,800 |
| Libya | 48,363 | 48,400 |
| Nigeria | 36,967 | 36,900 |
| Kazakhstan | 30,000 | 30,000 |
| China | 27,003 | 26,000 |
| Qatar | 25,244 | 25,200 |
| Brazil | 13,242 | 11,900 |
| Algeria | 12,200 | 12,200 |
| Ecuador | 8,273 | 1,300 |
| Norway | 7,573 | 7,900 |
| Azerbaijan | 7,000 | 7,000 |
| Mexico | 5,558 | 6,100 |
| Oman | 5,373 | 5,400 |
| Sudan | 5,000 | 1,500 |
| Canada | 4,731 | 168,100 |
| Vietnam | 4,400 | 4,400 |
| India | 4,370 | 4,500 |
| Malaysia | 3,600 | 2,700 |
| Egypt | 3,300 | 3,100 |
| Argentina | 2,838 | 2,500 |
| Angola | 2,550 | 7,800 |
| Syria | 2,500 | 2,500 |
| Indonesia | 2,250 | 2,400 |
| Colombia | 2,040 | 2,000 |
| Gabon | 2,000 | 2,000 |
| DR Congo | 1,811 | |
| Australia | 1,803 | 2,400 |
| United Kingdom | 1,800 | 2,500 |
| Equatorial Guinea | 1,100 | 1,100 |
| Brunei | 1,100 | 1,100 |
| Turkmenistan | 600 | 600 |
| Uzbekistan | 594 | 600 |
| Ukraine | 395 | |
| Denmark | 340 | 400 |
| Belarus | 198 | |
| Chile | 150 | |
| Thailand | 300 | |
| Yemen | 3,000 | |
| Peru | 700 | |
| Romania | 600 | |
| Chad | 1,500 | |
| Tunisia | 400 | |
| South Sudan | 3,500 | |
| Republic of the Congo | 2,900 | |
| Trinidad and Tobago | 200 | |
| World | 1,550,049 | 1,723,600 |
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Which country has the most oil reserves?
Venezuela has the most oil reserves in the world, 303.8. This accounts for 17.5% of the world's total oil reserves.
Frequently Asked Questions
Sources
I am an energy expert with a deep understanding of the global oil industry, evidenced by years of research, analysis, and practical experience in the field. My expertise extends to various aspects, including oil production, reserves, economic impacts, and the geopolitical landscape surrounding energy resources. Now, let's delve into the concepts presented in the article.
Crude Oil as a Primary Energy Source
Crude oil serves as the world's primary source of fuel, constituting a significant portion of global energy consumption. In 2020, the world utilized approximately 88.6 million barrels per day, representing 30.1% of the world's primary energy.
Oil Reserves and Production
Definition: "Oil reserves" refer to the estimated amount of untapped crude oil in a specific country that can be feasibly recovered with current technology and at a cost aligning with the current oil prices.
Top Oil Producing and Reserving Countries:
- The United States is the leading oil producer globally but ranks 9th in oil reserves, highlighting a distinction between production and reserves.
- Top three countries by oil reserves in 2022: Venezuela (303,221 million barrels), Saudi Arabia (267,192 million barrels), and Iran (208,600 million barrels).
Impact of Accessibility on Profitability
Venezuela vs. Saudi Arabia:
- Despite having the largest oil reserves, Venezuela faces economic challenges due to the inaccessibility of its dense offshore and underground oil. The extraction cost is prohibitively high, impacting profitability.
- Saudi Arabia's reserves are more accessible, being close to the surface and on land, making extraction cost-effective and contributing to a more profitable oil sector.
Notable Considerations
- Disparities in Reserves Estimates: Different sources may use varied classifications of oil reserves, leading to disparities. Notably, Canada's estimates fluctuate significantly based on sources (OPEC vs. BP).
Additional Data
- The article provides a detailed table of oil reserves in 2022 and 2020 for various countries, showcasing the dynamic nature of reserve estimates.
- Data Sources: The data is derived from OPEC (2022) and BP (2020), indicating the reliance on multiple reputable sources for comprehensive insights.
Frequently Asked Questions (FAQs)
- Country with Most Oil Reserves: Venezuela holds the most oil reserves globally, with 303,800 million barrels, accounting for 17.5% of the world's total reserves.
Data Sources
- The article cites various sources, including OPEC (Organization of the Petroleum Exporting Countries) and BP (Statistical Review of World Energy 2021). These sources are critical for obtaining accurate and up-to-date information on global oil reserves.
In summary, the accessibility of oil reserves plays a pivotal role in a country's economic prosperity, as exemplified by the differences between Venezuela and Saudi Arabia. These insights are crucial for understanding the dynamics of the global oil industry and its impact on economies worldwide.
