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Top 10 Counties With Massive Oil Reserves

Oil Reserves

There are a lot of oil reserves spread out around the globe. In this article, we will take a look at the top ten oil reserves by country. Some on the list below may amaze you.

1. Venezuela

The South American nation holds an estimated 303 billion barrels of proven oil reserves, the largest in the world. In 2016, it produced 2.37 million barrels per day (bpd) of oil.

The country’s oil and gas sector is state-owned and managed by the Venezuelan Petroleum Corporation (PDVSA). The country is a member of the Organization of the Petroleum Exporting Countries (OPEC).

Venezuela’s oil reserves are primarily located in the Orinoco Belt, a 2,000 kilometer-long (1,243 mile) strip of land in the southern part of the country. The Orinoco Belt is estimated to contain more than 513 billion barrels of crude oil, making it one of the most promising areas for future oil production.

 

2. Saudi Arabia

Saudi Arabia has the second-largest proven crude oil reserves in the world, at 266 billion barrels. The kingdom also has the world’s largest oil production and exports. The country is a founding member of the Organization of Petroleum Exporting Countries (OPEC).

As the world’s leading oil producer and exporter, Saudi Arabia plays a pivotal role in global energy markets. The kingdom has the capacity to produce more than 12 million barrels per day (bpd), and has a history of swing production to stabilize markets.

In recent years, Saudi Arabia has been working to increase its role in the global energy market, and is now the largest producer of crude oil in the world. The kingdom is also working to develop its natural gas resources, and plans to build 16 new gas plants over the next decade.

3. Canada

Canada ranks third in the world in terms of proven oil reserves, with 169 billion barrels. Canada is the world’s fifth largest oil producer, with an output of 4.2 million barrels per day. The majority of Canada’s oil reserves are located in the Western provinces of Alberta and Saskatchewan.

In addition to its large oil reserves, Canada is also a major producer of natural gas. Canada has the world’s third largest reserves of natural gas, with an estimated 3,104 trillion cubic feet. Canada is the world’s second largest producer of natural gas, with an output of 21 billion cubic feet per day.

4. Iran

Iran holds the fourth-largest proven oil reserves in the world, at 158 billion barrels. This is enough to meet the country’s domestic needs for almost 100 years, and make it a major player in the global oil market. Iran also has the second-largest gas reserves in the world, at 1,187 trillion cubic feet.

Despite its vast energy resources, Iran is a relatively small producer of oil and gas. In 2015, the country produced 4.4 million barrels of oil per day, and its natural gas output was just over 15 billion cubic feet per day.

Iran’s oil and gas sector is state-owned and controlled by the National Iranian Oil Company (NIOC). The NIOC is responsible for exploring, developing, and producing the country’s hydrocarbon resources. The company is also responsible for managing Iran’s oil and gas exports.

Despite international sanctions, Iran has been able to maintain its production levels by using new technologies and improving efficiency. The country has also been working to attract foreign investment in its energy sector.

5. Iraq

Iraq has the fifth-largest proven crude oil reserves in the world, at 143 billion barrels.

The country is also a member of the Organization of the Petroleum Exporting Countries (OPEC).

Iraq’s economy is heavily dependent on the oil sector, which accounts for about 95% of government revenues and 80% of export earnings. Crude oil production averaged 4.54 million barrels per day in 2015. The majority of Iraq’s crude oil reserves are located in the Shiite-majority areas in the south and west of the country.

The country’s oil reserves are its main source of revenue, but Iraq also has significant reserves of natural gas and minerals. The government is working to attract foreign investment in the energy sector to help develop these resources.

6. Kuwait

Kuwait ranks sixth globally in terms of proven crude oil reserves, holding 101 billion barrels. It also ranks fourth in terms of production, with 2.9 million barrels per day (bpd). The country’s oil and gas sector accounts for around 95% of government revenue, 90% of export earnings, and 40% of GDP.

Kuwait is a founding member of the Organization of Petroleum Exporting Countries (OPEC) and production is managed by the state-owned Kuwait Petroleum Corporation. The crude oil produced in Kuwait is generally light and low in sulfur content, making it attractive to refiners.

The major oil fields in Kuwait are located in the North and South of the country, with the largest being the Burgan field in the South. There are also several offshore oil fields, including the bubiyan and al-kafji fields.

7. United Arab Emirates

The UAE has the seventh-largest proven oil reserves in the world, at 97 billion barrels. The UAE also has the seventh-largest proven natural gas reserves in the world, at 215 trillion cubic feet. The UAE is a member of the Organization of the Petroleum Exporting Countries (OPEC).

The UAE is the seventh-largest producer of crude oil in the world, with an average production of 2.8 million barrels per day in 2015. The UAE is also the seventh-largest exporter of crude oil in the world, with an average export of 2.1 million barrels per day in 2015. The UAE is a major hub for the export of crude oil and petroleum products. The UAE has the fifth-largest refining capacity in the world, with an installed refining capacity of 2.6 million barrels per day in 2015.

8. Russia

Russia holds the eighth-largest proven oil reserves in the world, at 80 billion barrels. Russia is also the world’s largest producer of crude oil, with an output of 11.4 million barrels per day in 2015. That’s almost twice as much as Saudi Arabia, the second-largest producer. Russia’s oil and gas industry accounts for about 10% of the country’s GDP and employs over 10 million people.

Russia is a major producer of natural gas, with an output of 21.3 trillion cubic feet in 2015. That’s enough to make it the world’s third-largest producer, behind only the United States and Iran. Russia is also the world’s largest exporter of natural gas

9. Libya

Libya has the ninth-largest proven oil reserves in the world, at 48 billion barrels and while it’s currently the country’s lifeline, with more than 95% of export earnings and 70% of government revenues coming from oil, the resource has been a source of great conflict over the years.

The country has been embroiled in a civil war since 2011, when a popular uprising against Muammar Gaddafi’s 42-year rule resulted in his death. Since then, Libya has been split between two rival governments, each with its own armed militias and backers.

The conflict has taken a heavy toll on the country’s oil production, with output falling from 1.6 million barrels per day in 2010 to just over 300,000 barrels per day in 2016.

The situation has improved somewhat since then, with production rising to around 1 million barrels per day in 2019. But the country is still a long way from reaching its pre-conflict levels of production.

10. Nigeria

Nigeria rounds out the top 10 list of countries with the largest proven oil reserves, at 37 billion barrels. Nigeria is also Africa’s top oil producer and has the 10th largest proven natural gas reserves. The country has seen its production numbers fluctuate over the years due to political and social unrest, but it is currently on an upswing.

The full list of counties can be found at WorldMeters

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