Venezuela has the world largest oil reserves on the planet with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest oil reserves on the planet with 297.5 billion barrels. In spite of Venezuela’s monstrous stockpile of natural resources, the nation still struggles financially.
Though Venezuela has the most oil reserves on the planet, the greater part of its oil is seaward or far underground and is viewed as be dense. As a result, the cost of separating the oil in Venezuela’s reserves is too high to be profitable. Saudi Arabia on the other hand, are near the surface and ashore, which makes the oil significantly more available and the extraction interaction immeasurably more cost-effective. This, thusly, makes Saudi Arabia’s oil area fundamentally more profitable.
Top 10 Countries with World Largest Oil Reserves
1. World Largest Oil Reserves: Venezuela – 304 billion barrels
Venezuela has the world largest oil reserves on the planet, with in excess of 300 billion barrels of demonstrated holds.
That is a 17.5% share of global resource. Be that as it may, the improvement of these tremendous stores has assumed a lower priority because of political distress and monetary approvals throughout the course of recent years.
The nation additionally has huge stores of oil sands, similar to those present in Canada.
Because of their gooey nature, Venezuela’s Orinoco tar sands can be created utilizing traditional strategies.
2. World Largest Oil Reserves: Saudi Arabia – 298 billion barrels
The Kingdom of Saudi Arabia was home to world largest oil reserves for several decades.
Saudi Arabia holds just shy of 298 billion barrels of oil – a 17.2% portion of the worldwide aggregate – with a critical sum concentrated in a handful of large oilfields, including the colossal Ghawar field in the east of the country, which is the biggest on the planet.
A lot of Saudi Arabia’s oil is controlled by the kingdom’s monarchy, through its majority-ownership for Aramco which in December 2019 became the world’s most valuable company after it listed on the Tadawul stock exchange.
3. World Largest Oil Reserves: Canada – 170 billion barrels
Canada stands in third position for countries with world largest oil reserves on the planet with a 9.8% share of the global resource.
Oil sands stores in the region of Alberta represent around 97% of the nation’s stores. The region likewise holds a lot of its regular oil assets.
Canada is a net exporter of unrefined petroleum, with the majority of its business going to the US, to which it is the biggest foreign supplier.
Five organizations represent the greater part of Canada’s crude oil production. They are: Suncor, Canadian Natural Resources, Imperial Oil, Husky and Cenovus.
4. Iran – 156 billion barrels
Iran stands in 4th position for countries with world largest oil reserves on the planet with estimated proven world oil reserves of 156 billion barrels. The nation likewise positions second among nations with the world’s largest natural gas reserves – 32 trillion cubic meters, or 16% of the worldwide aggregate – and shares responsibility for world’s biggest gasfield – South Pars/North Dome
5. Iraq – 145 billion barrels
With oil stores of 145 billion barrels, a 8.4% worldwide share, iraq stands 5th for countries with world largest oil reserves on the planet . The country’s energy area has been hit by military occupation and common turmoil in ongoing many years, and neglected locales in the country are assessed to have a potential for huge unseen oil holds.
Basra, Baghdad and Ramadi are the urban communities that hold a significant part of the nation’s stores and, as per World Bank, Iran needs a yearly investment of $1bn (£760m) to proceed with its ongoing oil creation rate.
6. Russia – 107 billion barrels
Russia has over 107 billion barrels of proven oil reserves with a significant piece of them situated in Siberia.
Its creation drooped after the breakdown of Soviet Union however later bounced back because of privatization of the energy business.
In 2019, it was the third-greatest oil-delivering country, after the US and Saudi Arabia.
7. Kuwait – 102 billion barrels
Kuwait, holding just shy of 102 billion barrels and a 5.9% portion stands 7th for countries with world largest oil reserves on the planet
A lot of its demonstrated assets are situated in the Burgan field close to the Persian Gulf, which is the second-biggest oilfield on the planet and the biggest sandstone oilfield.
Kuwait has been producing from the field starting around 1938.
8. World Largest Oil Reserves: United Arab Emirates – 98 billion barrels
The United Arab Emirates (UAE) – an organization of seven emirates, involving Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain – has around 98 billion barrels of oil holds.
That is a 5.6% portion of the worldwide aggregate.
The Upper and Lower Zakum seaward oilfields, found roughly 84km northwest of Abu Dhabi, represent an enormous extent of the UAE’s demonstrated oil holds.
Over 90% of the UAE holds are held by Abu Dhabi, with Dubai and Sharjah next.
9. World Largest Oil Reserves: United States – 69 billion barrels
The US positions just shy of 69 billion barrels – 4% of the worldwide aggregate.
In 2019, around 69% of complete US unrefined petroleum creation came from five states. They were Texas, North Dakota, New Mexico, Oklahoma and Colorado.
10. Libya – 48 billion barrels
With oil reserve of 48 billion barrels, Libya is home to the biggest oil deposits in Africa. It holds 2.8% of the world’s demonstrated asset.
The Libyan economy is vigorously dependent on oil and gas trades, with the business representing around 60% of its GDP, and the majority of its commodity income.
A considerable lot of the country’s oilfields are situated in the Sirte Basin in the east of the nation, albeit the El Sharara and El Feel fields in the west are likewise significant creation locales.
Also Read: Top 5 Gold Reserves Countries in Africa
African Countries with World Largest Oil Reserves
African nations make up five world largest oil reserves on the planet. As per the report by Statista, here are the top African nations with the biggest oil reserves.
Libya
Libya has the biggest oil reserve in Africa and the ninth on the planet. It has 48.4 billion barrels of reserved oil. In 2019, Libya represented around 1.2 million barrels each day, expanding over 100 percent from 2016.
Nigeria
Nigeria is the second country with the biggest oil reserve in Africa and the eleventh in world largest oil reserves on the planet. It has 36.9 billion barrels of raw petroleum. Somewhere in the range of 2015 and 2019, the nation produced about 2 million barrels each day. In 2021, Nigeria was the world’s most significant oil producer, representing a normal of 1.27 million barrels each day.
Algeria
Algeria keeps on being one of the African nations with the biggest oil reserves at third position and sixteenth on world largest oil reserves on the planet. It has 12.2 billion barrels of unrefined petroleum. In 2019, the nation created over 1.3 million barrels of oil each day. Sonatrach is Algeria’s biggest oil organization. Others are BP, Total, and Exxon Mobile. The nation’s falling oil yield was basically because of OPEC creation limits and an absence of unfamiliar venture. Algeria likewise sends out a ton of gaseous petrol, the greater part of which goes to Europe.
Angola
The Southern African country holds the fourth spot and seventeenth on the planet. Angola has 7.8 billion barrels of unrefined petroleum. In 2015, it represented generally 1.8 million barrels each day, yet yield fell fundamentally over the remainder of the ten years. In 2019, Angola delivered around 1.4 million barrels each day, demonstrating a descending pattern.
Sonangol, or the Sociedade Nacional de Combustiveis de Angola are Angola’s state-possessed oil enterprise. The major worldwide oil organizations active in Angola are BP, Chevron, Exxon Mobil, Total, Statoil, Eni, and China National Offshore Oil Corporation, frequently known as CNOOC.
Sudan
Sudan is the fifth African country with 5 billion barrels of unrefined petroleum and positions 23rd on world largest oil reserves on the planet. South Sudan oil reserves expanded by 2.92% to 160.64 thousand barrels each day in October 2021
Egypt
Egypt seats at the sixth position list of African countries with largest oil reserves. The nation has 3.3 billion barrels of unrefined petroleum and is not a member of OPEC. n 2019, Egypt created about 630,000 barrels of oil each day.
The state-possessed oil firm, Egyptian General Petroleum Corporation (EGPC), controls the nation’s oil yield. In Egypt’s seaward and coastal creation exercises, EGPC works together with some global oil firms.
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