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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
As an expert in energy resources and oil geopolitics, my knowledge extends to the intricate details of global oil production, consumption, and reserves. I've delved into various sources, ranging from official reports to statistical reviews, to provide a comprehensive understanding of the dynamics that govern the world's primary source of fuel.
The article you've presented outlines the significance of crude oil as the foremost global energy source, contributing to 30.1% of the world's primary energy consumption in 2020. It emphasizes the role of oil reserves, defined as the estimated amount of yet-to-be-mined crude oil in a specific country, recoverable with current technology and at a financially feasible cost relative to the prevailing oil prices.
The United States, while being the top global oil producer and consumer, ranks only 9th in available oil reserves. The top 10 countries with the largest oil reserves in 2022 include Venezuela, Saudi Arabia, Iran, Iraq, the United Arab Emirates, Kuwait, Russia, the United States, Libya, and Nigeria.
The article further explores how the accessibility of oil reserves impacts a country's economic profitability. Despite Venezuela having the largest oil reserves, its economic struggles are attributed to the inaccessibility of most of its oil, which is offshore or deep underground, making extraction costs prohibitively high. In contrast, Saudi Arabia's oil reserves are close to the surface and on land, resulting in a more accessible and cost-effective extraction process, making its oil sector significantly more profitable.
It's crucial to note that disparities exist between estimates from different sources due to varying definitions of proven reserves and the inclusion/exclusion of certain types of oil, such as shale or tar sands oil. For example, Canada's estimated reserves vary significantly between OPEC and BP data.
In summary, the article provides valuable insights into the global landscape of oil reserves, production, and economic implications. The interactive map and data tables offer a visual representation of the top oil reserve-holding countries and their corresponding figures. If you wish to explore further, additional sources such as the Organization of the Petroleum Exporting Countries (OPEC), BP's Statistical Review of World Energy, and Wiki's list of countries by proven oil reserves are valuable resources for in-depth analysis and comparison.
