Oil is a natural gift, but it is extracted only in places where it is already present. Oil has an important role in the global economy. More than 90% of the economy of some countries is based on oil. Also, the world gets more than a third of its total energy production from oil, which is more than any other source. Here we have listed the top 10 countries with the largest proven oil reserves in the world 2023. Let’s see!
(1 Oil Barrel = 158.987 Liters)
The United States has 47.1 billion barrels of proven oil reserves, equivalent to 2.9% of the world’s proven oil reserves. Additionally, the United States tops the world’s largest oil-producing countries, producing an average of 13.1 million barrels per day, equivalent to 14.1% of daily global oil production. The state of Texas produces more than all the oil production in the country.
The USA ranks tenth in the world in proven oil reserves, but it is where the most oil is consumed. To meet domestic energy demand, the country burns 913.3 million tonnes of oil a year. This is almost 50% more than the second largest oil consuming country in the world.
Libya is a country in North Africa, with an area of approximately 700,000 square miles, the fourth largest country in Africa and the 16th largest in the world. With oil reserves of 48.4 billion barrels, Libya has the largest proven oil reserves in Africa and the 9th largest in the world.
This accounts for 2.9% of the world’s proven oil reserves. In addition, oil and gas play an important role in the Libyan economy. Also, petroleum accounted for more than 95% of the country’s $16.1 billion in exports in 2017. Importantly, Libya’s challenge is to find new oil fields, and maintain production in mature fields while developing.
The United Arab Emirates is a developed country in Western Asia. It has oil reserves of about 98.63 billion barrels, which is as large as Kuwait’s claimed reserves. Also, it has reserves of 92 billion barrels in Abu Dhabi, 4 billion barrels in Dubai and 1.5 billion barrels in Sharjah.
In addition, most of the oil is in the Zakum field which is the third largest in the Middle East with an estimated 66 billion barrels. Moreover, crude oil products are one of the most valuable export commodities of the UAE. It produces about 2.9 million barrels per day.
Kuwait is a rich country in West Asia. It has a coastal length of about 499 km, and a population of 4.4 million. Despite being a small country, Kuwait holds a significant share of the world’s oil reserves. Kuwait has proven oil reserves of 101.5 billion barrels, which is 6% of global oil.
Additionally, Kuwait is one of only seven countries in the world with oil reserves of over 100 billion barrels. Most of its proven resources are located in the Bergen field, the world’s second largest oil field and largest sandstone oil field. Also, Kuwait has been producing from the Bergen field since 1938, producing approximately 3 million barrels of oil a day.
Russia is the largest country in the world spanning Eastern Europe and North Asia. Its area is more than 17 million square kilometers. Russia has more than 106.2 billion barrels of proven oil reserves, a large part of which is located in Siberia.
In addition, Russia is the world’s largest producer of oil, after the US and Saudi Arabia. Although Russia’s petroleum production fell sharply after the collapse of the Soviet Union, it has only improved over the years.
Iraq is a country in Western Asia, bordered by Turkey, Iran, Kuwait, Saudi Arabia, Jordan, and Syria. Iraq has the fifth largest proven oil reserves in the world with 147.2 billion barrels of oil. It accounts for about 8.8% of the entire global oil reserves.
Most of Iraq’s proven oil reserves are in Basra, Baghdad and Ramadi. Additionally, Iraq is heavily dependent on oil revenues compared to most of its OPEC partners. Crude petroleum accounted for 95% of Iraq’s $60.8 billion in exports in 2017.
Canada is a country in North America. It has become the second largest country in the world by total area. Importantly, Canada has an estimated oil reserves of 170.3 billion barrels, making it the third largest in the world. More than 95% of these reserves are in oil sands deposits in the province of Alberta.
The province also has a considerable amount of its traditional oil resources. Canada is both an importer and exporter of oil and refined products, with most of its sales to the US. Additionally, corporate giants in Canada’s privatized oil sector include Suncor, Syncrude, Canadian Natural Resources Limited, Imperial Oil, Husky and Cenovus.
Iran is a country in Western Asia with the third largest proven oil reserves in the world. However, if Canada’s unconventional oil reserves are excluded, it ranks third. With 155.6 billion barrels, it accounts for about 12.7% of the world’s total proven petroleum reserves.
Furthermore, at 2020 rates of production, Iran’s oil reserves will last 145 years if no new oil is found. Along with oil, Iran is also home to the world’s second largest natural gas reserves, accounting for 16% of total gas.
Saudi Arabia is a country in Western Asia, with 15.7% of the entire global oil reserves. Saudi Arabia has the second largest proven oil reserves in the world after Venezuela. Saudi Arabia has traditionally been considered the world’s most important producer of oil.
The Saudi government continues to increase or decrease oil production to keep the price stable. Also, Saudi Arabia also produces an estimated 12 million barrels of oil per day, more than every country except the United States.
Venezuela has the largest oil reserves in the world, with proven reserves of 302.8 billion barrels. In 2011, Venezuela overtook Saudi Arabia in terms of oil reserves. Venezuela is a country located on the northern coast of South America.
The edition of the BP Statistical Review of World Energy reports a total of 302.8 billion barrels of proven reserves for Venezuela. It accounts for 17.8% of the entire global oil reserves.