Feature Report: Oil Producers and Consumers

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Global Oil Reserves

Estimated oil reserves are the amount of economically recoverable crude oil at a given time. Estimated reserves remained virtually unchanged between 2018 and 2019. There were no movements in the ranking of countries by reserves, with the “top 5” still formed by Venezuela (currently experiencing serious production problems), Saudi Arabia, Canada, Iran and Iraq.

Global Oil Reserves (in billions of barrels)

 
Country Proved Reserves in 2019 Share of Global Reserves
Venezuela

303.8

17.52 %

Saudi Arabia

297.6

17.16 %

Canada

169.7

9.79 %

Iran

155.6

8.97 %

Iraq

145

8.36 %

Russia

107.2

6.18 %

Kuwait

101.5

5.85 %

United Arab Emirates

97.8

5.64 %

United States

68.9

3.97 %

Libya

48.4

2.79 %

Nigeria

37

2.13 %

Kazakhstan

30

1.73 %

China

26.2

1.51 %

Qatar

25.2

1.45 %

Brazil

12.7

0.73 %

Rest of the World

107.3

6.19 %

Total World

1,733.90

100.0 %

 

Source: BP Statistical Review 2020