Oil Reserves By Country 2020

What country has to most crude oil reserve?

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.

Below is a table of each country’s oil reserves in billions of barrels.

Oil Reserves By Country 2020

Country Oil Reserves Population 2020
Venezuela300.90 Bn28,435,940
Saudi Arabia266.50 Bn34,813,871
Canada169.70 Bn37,742,154
Iran158.40 Bn83,992,949
Iraq142.50 Bn40,222,493
Kuwait101.50 Bn4,270,571
United Arab Emirates97.80 Bn9,890,402
Russia80.00 Bn145,934,462
Libya48.40 Bn6,871,292
Nigeria37.10 Bn206,139,589
United States36.50 Bn331,002,651
Kazakhstan30.00 Bn18,776,707
China25.60 Bn1,439,323,776
Qatar25.20 Bn2,881,053
Brazil12.70 Bn212,559,417