Which Countries Have the Largest Proven Oil Reserves

When we talk about oil reserves, they can basically be divided into three categories:

  • Proven oil reserves
  • Probable oil reserves
  • Possible oil reserves

Which Countries Have the Largest Proven Oil Reserves

Of these, proven oil reserves are of most significance as they indicate the reserves that have a reasonable certainty (greater than 90 percent) of being recoverable from known reservoirs with existing technology and under existing political and economic conditions.

As of January 1, 2017, the world had estimated proven oil reserves of 1.665 trillion barrels. That, honestly, is a lot of oil.

Considering the fact that we use 90.5 billion barrels of oil per day, those proven oil reserves are enough to last for another 50 years on their own.

Obviously, when you factor in probable and possible oil reserves into the equation, the situation starts looking even more positive, and one can safely say that the world isn’t running out of oil any time soon.

However, what may happen in the future is that the oil may become too expensive for most of us to afford as our appetite for fossil fuel grows.

So which countries have the largest stocks for proven oil reserves?

The list below provides a quick overview.

Venezuela

First on the list is Venezuela. The country has proven oil reserves of 300,878 million barrels.

Saudi Arabia

Second on the list is Saudi Arabia with proven oil reserves of 266,455 million barrels. The country has traditionally enjoyed the top position in the list of countries having the largest proven oil reserves, only overtaken recently by Venezuela.

Canada

Third on the list is Canada. The country has proven oil reserves of 169,079 million barrels, with most oil deposits located in the province of Alberta.

Iran

Fourth on the list is Iran. The country has proven oil reserves of 158,400 million barrels and is ranked third in the world, after Venezuela and Saudi Arabia, foremost easily accessible reserves.

Iraq

Fifth on the list is Iraq with proven oil reserves of 142,503 million barrels. Despite its shaky political situation, the country remains one of the wealthiest countries in terms of global oil resources.

Kuwait

Sixth on the list is Kuwait. The country might be small in terms of land area, but it holds plenty of black gold beneath its crust. The proven oil reserves of Kuwait have been estimated at 101,500 million barrels.

United Arab Emirates

Seventh on the list is the United Arab Emirates. The country is a federation of 7 emirates and has proven oil reserves 97,800 million barrels.

Russia

Eight on the list is Russia with proven oil reserves of 80,000 million barrels. The country is expected to further boost its oil stock as a search continues under its holdings of ice and arctic waters.

Libya

Ninth on the list is Libya. The country has proven oil reserves of 48,363 million barrels.

United States

Tenth on the list is our beloved United States. The United States has proven oil reserves of 39,230 million barrels.

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Conclusion

Don’t believe it when someone says the world will run out of oil on a certain date. Instead, oil will become too expensive to use long before it runs out.

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