Which country holds the most oil reserves

This is a list of countries by proven oil reserves.Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. With 300,878 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world. The country's oil is a relatively new discovery. Previously, Saudi Arabia had always held the number one position. The oil sand deposits in Venezuela are similar to those in Canada.

Nigeria holds the second largest crude oil reserves in Africa, and the eleventh largest in the world. The country has 37 billion barrels of proved crude oil  Iraq is estimated to hold more than 115 billion barrels of proven oil reserves, and possibly much more undiscovered oil in unexplored areas of the country. Disputes over rights to water (for example, building a dam in one country Because the Middle East has the world's largest deposits of oil (55 percent of the   Projecting 2001 production levels, by 2020 83% of global oil reserves will be Since the shift from coal to oil, the world has consumed over 875 billion barrels. The two countries with the highest rate of growth in oil use are China and India,  The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency IEA countries released altogether a total of 60 million barrels of petroleum. With the exception of the 2000 Heating Oil Exchange, the SPR has entered into  10 Nov 2019 The discovery, if verified, could bolster the country's proven reserves by Iran has discovered an oil field in the country's south with more than 

22 Apr 2017 Instead, the real oil kingpin in OPEC is Venezuela, which has 300.88 billion barrels of proved oil reserves, according to OPEC's data. That's 24.8 

The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency IEA countries released altogether a total of 60 million barrels of petroleum. With the exception of the 2000 Heating Oil Exchange, the SPR has entered into  10 Nov 2019 The discovery, if verified, could bolster the country's proven reserves by Iran has discovered an oil field in the country's south with more than  COMPARED TO OTHER COUNTRIES largest proven oil reserves in the world. energy game for a long time, and lots of exploration has happened here. 22 Apr 2017 Instead, the real oil kingpin in OPEC is Venezuela, which has 300.88 billion barrels of proved oil reserves, according to OPEC's data. That's 24.8  5 Jul 2016 is a question that has intrigued and confounded oil experts for five decades. But most of the country's giant and super-giant oil fields were  22 Jul 2019 Saudi Arabia has the most operational oil fields although, according to the CIA's World Factbook, Venezuela possesses the largest proved oil 

See also: List of countries by Oil Reserves. Russia holds 80,000,000,000 barrels of proven oil reserves as of 2016, ranking 8th in the world and accounting for 

Its largest oil field, the giant Ghawar field, has more proven oil reserves than all but seven countries. Saudi Arabia also has a massive natural gas reserve, which remains relatively undeveloped. The country has instead focused on oil and, increasingly, solar energy to supply its electricity demand. The U.S. Energy Information Administration (EIA) estimated the total proved oil reserve in the country as 39.2 billion barrels as of the end of 2017. The CIA World Factbook omitted the U.S. in the 2018 ranking, but the estimate from the EIA would place it in the #10 place, and move Nigeria into 11 in the world rankings. Based on data from OPEC at the beginning of 2013 the highest proved oil reserves including non-conventional oil deposits are in Venezuela (20% of global reserves), Saudi Arabia (18% of global reserves), Canada (13% of global reserves), and Iran (9%). Canada holds the fifth spot among the world's leading oil producers, with average production of 4.59 million b/d in 2016, accounting for 4.7% of global production. According to the EIA International Energy Outlook 2017, Canada's production could grow by 1.26 million b/d by 2040. With more than 10 billion barrels, Texas had the most proven oil reserves of any state in the country. Extensions to existing fields, as well as the discovery of new fields, including in the Eagle

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.

Countries with the biggest oil reserves Venezuela. Venezuela holds the world’s largest proven oil reserves. Saudi Arabia. Saudi Arabia ranks second biggest holding 265.4 billion barrels of proven oil reserve. Canada. Canada’s proven oil reserves stand at 173.1 billion barrels, Iran. Iran Top 10 Countries With The World’s Biggest Oil Reserves 1. Venezuela. 2. Saudi Arabia. 3. Canada. 4. Iran. 5. Iraq. 6. Kuwait. 7. United Arab Emirates. 8. Russia. 9. Libya. 10. Nigeria. Top 20 Countries With The World’s Largest Proven Oil Reserves: Venezuela – 300 billion barrels. Saudi Arabia – 269 billion barrels. Canada – 171 billion barrels. Iran – 157.8 billion barrels. Iraq – 143 billion barrels. Kuwait – 104 billion barrels. Russia – 80 billion barrels. United Arab OSLO, NORWAY–The United States now holds the world’s largest recoverable oil reserve base–more than Saudi Arabia or Russia–thanks to the development of unconventional resource plays. Ranking nations by the most likely estimate for existing fields, discoveries and as-of-yet undiscovered fields (proved, probable. OPEC Share of World Crude Oil Reserves. According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 64.5% of the OPEC total.

10 Oct 2017 Although Libya has more reserves, there were 37.2 billion barrels of proven oil reserves in Nigeria, ranking the country as the largest oil 

Its largest oil field, the giant Ghawar field, has more proven oil reserves than all but seven countries. Saudi Arabia also has a massive natural gas reserve, which remains relatively undeveloped. The country has instead focused on oil and, increasingly, solar energy to supply its electricity demand. The U.S. Energy Information Administration (EIA) estimated the total proved oil reserve in the country as 39.2 billion barrels as of the end of 2017. The CIA World Factbook omitted the U.S. in the 2018 ranking, but the estimate from the EIA would place it in the #10 place, and move Nigeria into 11 in the world rankings.

Nigeria holds the second largest crude oil reserves in Africa, and the eleventh largest in the world. The country has 37 billion barrels of proved crude oil  Iraq is estimated to hold more than 115 billion barrels of proven oil reserves, and possibly much more undiscovered oil in unexplored areas of the country. Disputes over rights to water (for example, building a dam in one country Because the Middle East has the world's largest deposits of oil (55 percent of the   Projecting 2001 production levels, by 2020 83% of global oil reserves will be Since the shift from coal to oil, the world has consumed over 875 billion barrels. The two countries with the highest rate of growth in oil use are China and India,  The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency IEA countries released altogether a total of 60 million barrels of petroleum. With the exception of the 2000 Heating Oil Exchange, the SPR has entered into  10 Nov 2019 The discovery, if verified, could bolster the country's proven reserves by Iran has discovered an oil field in the country's south with more than  COMPARED TO OTHER COUNTRIES largest proven oil reserves in the world. energy game for a long time, and lots of exploration has happened here.