Oil reserves are large deposits of oil, located underground throughout the world. The reserves are found by Geologists, chemists, and engineers. They look for underground rock structures that trap petroleum. Crude oil is a naturally occurring fossil fuel. Furthermore, Crude oil is the world’s main source of fuel. It is the largest overall source of today’s primary energy. Majorly it creates gasoline, jet fuel, diesel, asphalt, tar, and lubrication oils.
It is commonly known as ‘black gold’ for its economic importance. The top five oil-producing nations are responsible for over half of oil production. The rate of utilization is more than the rate of its production. Let’s see the top ten countries with the largest oil reserve in the world.
#1 Venezuela – 304 billion barrels
Around the globe, if you see, Venezuela is the top oil reserve country. Venezuela is among the most urbanized countries in Latin America. It consists of a continental landmass and many islands and islets in the Caribbean Sea. The country has the world’s largest known oil reserves. Approximately, there is about 304 thousand million barrens of oil reserve. That make up to 17.5% share of whole oil reserve of the world. Earlier, the country exports agricultural commodities like coffee and cocoa. For development of the economy, oil exports played a crucial role. Venezuela has been one of the world’s leading exporters of oil. The country also has large deposits of oil sands.
#2 Saudi Arabia, 298 billion barrels
The place of Oil reserve is always remembered as Saudi Arabia. Presently, Saudi has the second-largest oil reserve of the world. The country shares about 17.2% of the global total oil reserve. A large fraction of these reserves comes from a few very large oil fields. The other resources natural gas, iron ore, gold, and copper.
It is the fourth-largest measured natural gas reserves in the world. In Western Media, it is referred to as a petrostate. Saudi Arabia is currently the largest exporter of petroleum in the world. China is the world’s biggest buyer of oil. It’s also the largest trading partner of Saudi. It’s the top global supplier of crude oil.
#3 Canada – 170 billion barrels
Oil is a powerful and versatile source of Canadian energy. Total Canadian proven oil reserves are estimated at 171.0 billion barrels. It accounts for 10% of the world’s proven oil reserves. About 166.3 billion barrels are found in Alberta’s oil sands only. This makes Canada top third ranking in oil reserve. Oil reserve found primarily in Alberta, Saskatchewan and offshore Newfoundland and Labrador. Canada is a major supplier of secure, reliable crude oil to international markets. Currently, the Canada’s oil and natural gas exports go to the United States.
#4 Iran – 156 billion barrels
At number fourth-ranking in top oil reserve of the world is Iran. It is officially known as the Islamic Republic of Iran and also called Persia. Iran is a regional and middle power in the Asian continent. It has large reserves of fossil fuels. The country Iran has estimated proven oil reserves of 156 billion barrels. This makes to 9% of the world’s share. The country also ranks second as the world’s largest natural gas reserves.
#5 Iraq – 145 billion barrels
With oil reserves of 145 billion barrels, Iraq occupies fifth position on the list. It has a daily production of more than 4.5 million barrels. Basra, Baghdad and Ramadi are the cities that hold much of the country’s reserves. The country’s energy growth has effected due to military and political conflicts. Asian countries are main importer for Iraq’s crude oil. India, China and South Korea are among the top leading oil importer. The United States imported an average of 157,000 barrels of petroleum per day from Iraq in 2021.
#6 Russia – 107 billion barrels
There have been widely varying estimates of proven oil reserves in Russia. The country is Rich in natural resources. It is the third-largest producer of oil worldwide. About 6.2% of the worldwide total reserve of oil is found in the country. Russia has just above 107 billion barrels of proven oil reserves. Major part of oil reserve is found in western Siberia. Russia has proven reserves equivalent to 60.4 times its annual consumption. This means that, without Net Exports, there would be about 60 years of oil left for its use.
#7 Kuwait – 102 billion barrels
Kuwait is a small country of 17,820 square kilometers in size. Though small, Kuwait holds 102 billion barrels of proven oil reserve. It ranks seventh in the world, accounting for 5.9% share of the global total. Burgan field refer to the Greater Burgan has most of the oil reserve of Kuwait. Greater Burgan is the world’s largest sandstone oil field. Without Net Exports, there would be about 775 years of oil left with the country.
#8 United Arab Emirates – 98 billion barrels
The United Arab Emirates, or simply the Emirates, is a country in Western Asia. The UAE is among the world’s ten largest oil producers. It has around 98 billion barrels of oil reserves. That is a 5.6% share of the global total. About 96% of proven oil reserves are located in Abu Dhabi. The UAE produces an average of 3.2 million barrels of petroleum and liquids per day.
#9 United States – 69 billion barrels
The United States is one of the largest crude oil producers. It is the world’s biggest oil-consuming country also. The US ranks ninth around the world with the largest proven oil reserves. It holds about 69 billion barrels of oil reserve. Texas has most proved crude oil reserves than any other U.S. state. The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left.
#10 Libya – 48 billion barrels
Libya has the largest oil reserve in Africa. The country ranks tenth largest in the world with 48 billion barrels. This accounts for about 3% of world oil reserves. The Libyan economy is heavily reliant on oil and gas exports. Around 60% of country GDP is depending on it. The National Oil Corporation is the national oil company of Libya. Without Net Exports, there would be about 594 years of oil left with Libya for its use.
Preserving the oil reserve and maintaining the economy is a big task. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left. The reserve sources are present at specific place around the world. But the utilization of oil is everywhere. So, it’s time to think for alternative source of energy.
