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 the amount of crude oil that can be recovered at a financially feasible cost at a given time. Estimated oil reserves changed only slightly between 2016 and 2017 and the ranking of the countries with the largest reserves was virtually unchanged. The “top 5” countries are still Venezuela, Saudi Arabia, Canada, Iran and Iraq.

Global Oil Reserves (in billions of barrels)

 
Country Proved Reserves 2017 Share of Global Reserves
Venezuela** 303.2 17.9%
Saudi Arabia** 266.2 15.7%
Canada 168.9 10.0%
Iran** 157.2 9.3%
Iraq** 148.8 8.8%
Russia 106.2 6.3%
Kuwait** 101.5 6.0%
United Arab Emirates** 97.8 5.8%
United States 50.0 2.9%
Libya** 48.4 2.9%
Nigeria** 37.5 2.2%
Kazakhstan 30.0 1.8%
China 25.7 1.5%
Qatar** 25.5 1.5%
Brazil 12.8 0.8%
Rest of the World 116.9 6.9%
Total 1,696.6 100.0%

 

**: OPEC member countries

 

Source: BP Statistical Review 2018