Feature Report: Oil Producers and Consumers

3 items of content in this feature report

Featured Figures

Global Oil Reserves

Oil reserves are an estimate of crude oil that can be recovered at an economically feasible cost at a given time. Estimated oil reserves were relatively stable from 2017 to 2018 and the ranking of the countries with the largest reserves was virtually unchanged. The “top 5” countries are still Venezuela (which is currently experiencing serious production problems), Saudi Arabia, Canada, Iran and Iraq.

Global Oil Reserves (in billions of barrels)

Country Proved Reserves 2018 Share of Global Reserves
Venezuela** 303.3 17.53%
Saudi Arabia** 297.7 17.21%
Canada 167.8 9.70%
Iran** 155.6 9.00%
Iraq** 147.2 8.51%
Russia 106.2 6.14%
Kuwait** 101.5 5.87%
United Arab Emirates** 97.8 5.65%
United States 61.2 3.54%
Libya** 48.4 2.80%
Nigeria** 37.5 2.17%
Kazakhstan 30.0 1.73%
China 25.9 1.50%
Qatar** 25.2 1.46%
Brazil 13.4 0.77%
Rest of the World 111.0 6.42%
Total 1729.7 100.0%

 

**: OPEC member countries

 

Source: BP Statistical Review 2018