Oil Reserves By Country 2021

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Crude oil is the world’s main source of energy. In 2018, the world used approximately 99.3 million barrels per day of oil. This number is projected to rise to 100.8 million in 2019. Crude oil creates gasoline, jet fuel, diesel, asphalt, tar, and lubrication oils.

Oil reserves denote the amount of crude oil located in a particular region that can be recovered with current technological constraints and at a cost that is financially feasible at the current price of oil.

Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. Saudi Arabia has the second-largest amount of oil reserves in the world with 266.5 billion barrels. Despite Venezuela’s large supply of natural resources, the country still struggles economically and its people are going hungry. Venezuela and Saudi Arabia have populations of comparable size; however, Saudi Arabia’s economy is twice as large.

Unfortunately, although Venezuela has the most oil reserves in the world, most of their oil is offshore or far underground and is considered to be dense. The price of oil determines whether or not extracting it is profitable, and so the cost of extracting the oil in Venezuela’s reserves is too high to be profitable. Saudi Arabia’s oil reserves, on the other hand, are close to the surface and on the land.

Here are the 10 countries with the most oil reserves:

  1. Venezuela (300.90 Bn)
  2. Saudi Arabia (266.50 Bn)
  3. Canada (169.70 Bn)
  4. Iran (158.40 Bn)
  5. Iraq (142.50 Bn)
  6. Kuwait (101.50 Bn)
  7. United Arab Emirates (97.80 Bn)
  8. Russia (80.00 Bn)
  9. Libya (48.40 Bn)
  10. Nigeria (37.10 Bn)

Oil Reserves By Country 2021

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Oil Reserves By Country 2021

Country Oil Reserves 2021 Population
Venezuela300.90 Bn28,704,954
Saudi Arabia266.50 Bn35,340,683
Canada169.70 Bn38,067,903
Iran158.40 Bn85,028,759
Iraq142.50 Bn41,179,350
Kuwait101.50 Bn4,328,550
United Arab Emirates97.80 Bn9,991,089
Russia80.00 Bn145,912,025
Libya48.40 Bn6,958,532
Nigeria37.10 Bn211,400,708
United States36.50 Bn332,915,073
Kazakhstan30.00 Bn18,994,962
China25.60 Bn1,444,216,107
Qatar25.20 Bn2,930,528
Brazil12.70 Bn213,993,437

Oil Reserves By Country 2021