The Countries With The World’s Largest Crude Oil Reserves

Posted by: : Paul EbelingPosted on: April 22, 2015 The Countries With The World’s Largest Crude Oil Reserves
 

The Countries With The World’s Largest Crude Oil Reserves

Venezuela tops the list, followed closely by Saudi Arabia. 

Brent Crude Oil spot price is expected to fall from an average of 112 per barrel in Y 2012 to annual averages of 108 bbl in Y 2013 and 101 in Y 2014, according to report released by US Energy Information Administration (EIA) in early April 2015.

The price shift reflects the increasing supply of liquid fuels from non-OPEC (Organization of Petroleum Exporting Countries) countries, it stated.

OPEC nations continue to overshadow the world in terms of reserves, holding more than 80% of the world’s proven Crude Oil reserves, according to current estimates. The bulk of OPEC’s Crude Oil reserves, 66%, are in the Middle East.

OPEC’s proven reserves currently stand at 1,199.71-B bbl.

Below are the countries with the largest proven Crude Oil reserves, as reported by EIA, as follows:

1. VENEZUELA

Proven Crude Oil reserves in Y 2013 (billion barrels): 297.6

Total Oil supply in Y 2012 (thousand barrels per day): 2,489.2

Venezuela surpassed Saudi Arabia last year to become the holder of the largest Oil reserves in the world. The annual production of this OPEC member is considerably less than that of the Kingdom.

Note: Proven Reserves are in Billions of Barrels

2. SAUDI ARABIA

Proven reserves: 267.91

Total Oil supply in Y 2012 (thousand barrels per day): 11,545.7

Saudi Arabia has almost one-fifth of the world’s proven oil reserves and ranks as the largest producer and exporter of oil in the world.

3. CANADA

Proven oil reserves: 173.105

Total Oil supply in Y 2012 (thousand barrels per day): 3,854.4

Canada’s Oil sands are a significant contributor to the recent growth in the world’s liquid fuel supply and comprise the vast majority of the country’s proven petroleum reserves.

4. IRAN

Proven Oil reserves: 154.58

Total Oil supply in Y 2012 (thousand barrels per day): 3,538.4

International sanctions have drastically impacted Iran’s energy sector, the country’s production fell dramatically in Y 2012, from over to just over 2.5-M BPD in Y 2012.

5. IRAQ

Proven Oil reserves: 141.35

Total Oil supply in Y 2012 (thousand barrels per day): 2,986.6

Despite having large proven reserves, increases in production have fallen behind ambitious targets because of infrastructure constraints and political disputes, says EIA.

6. KUWAIT

Proven oil reserves: 104

Total Oil supply in Y 2012 (thousand barrels per day): 2,796.8

Kuwait boasts the 2nd largest Crude Oil reserves in the GCC, behind Saudi Arabia and is also among the world’s Top 10 largest exporters of total petroleum products.

7. UNITED ARAB EMIRATES

Proven oil reserves: 97.8

Total Oil supply in Y 2012 (thousand barrels per day): 3,213.2

Enhanced Oil recovery techniques continue to underpin strong Crude Oil production totals and are an important strategy for extending the life of the country’s aging Oil fields, states EIA.

8. RUSSIA

Proven Crude Oil reserves: 80

Total Oil supply in Y 2012 (thousand barrels per day): 10,397

Russia, which also holds the world’s largest Nat Gas reserves and the 2nd-largest coal reserves, is the 2nd biggest Oil supplier in the world after Saudi Arabia.

9. LIBYA

Proven Oil reserves: 48.01

Total Oil supply in Y 2012 (thousand barrels per day): 1,483

The holder of Africa’s largest proven Oil reserves, Libya saw a disruption in production in Y 2011 due to conflict, but the country has recovered, and subsequently, has begun to increase supplies.

10. NIGERIA

Proven Oil reserves: 37.2

Total Oil supply in Y 2012 (thousand barrels per day): 2,524.1

Nigeria’s hydrocarbon resources are the mainstay of the country’s economy, but EIA states that development of the sector is often constrained by instability in the Niger Delta.

By Aarti Nagraj

Paul Ebeling, Editor

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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