Top 10 Countries with the Largest Oil Reserves in the World

0

Source:

https://pixabay.com/photos/crude-oil-mine-pumpjack-natural-gas-863217/

Oil has been the main product driving economies around the world for centuries, especially after the advent of the industrial revolution. Despite the global push to ditch fossil fuels for better and eco-friendly options, the world is not yet done with oil, and judging by the huge reserves that are still untapped, we are looking at another 50 years minimum of a continuous supply of oil. The following are some of the countries with the largest oil reserves in the world.

Libya – 48 billion barrels

Libya is home to a staggering 48 billion barrels of oil that are still untapped, all that despite years of oil mining that has put the North African nation on the global map. Like most Arab nations in the region, oil is the main export product for the nation, and the reserves left still put it among the global leaders in the oil industry.

United States – 69 billion barrels

America is home to 69 billion barrels of oil, which is quite diminutive when you consider the size of the country. Most of the oil is holed up in about five states that include Texas, North Dakota, Oklahoma, Colorado, and New Mexico. There’s hope that there are still some undiscovered reserves hidden away somewhere in the vast nation.

UAE – 98 billion barrels

The gulf region is known for being the hub of most of the oil being used around the world. UAE has greatly benefited from the oil reserves in the country, which is their main export and lifeline in the country since it is located in a desert where agriculture is almost impossible.

Kuwait – 102 Billion barrels

Kuwait has been at the center of global turmoil due to their oil which has attracted a lot of wars with its neighbors and Western nations that have been trying for years to get some of that oil for themselves. Most of the oil is located in the Burgan fields in the Persian Gulf, the second-largest oil field in the world.

Russia – 107 billion barrels

Much of Russia’s oil reserves are trapped in the vast and frozen region of Siberia, and that’s one of the reasons why the East European giant still possesses that much, drilling for the oil in those conditions is so expensive and treacherous. But in terms of production and oil exploitation, Russia is third, and much of their oil finds its way to other nations around the world.

Iraq – 145 billion barrels

Iraq is another Arabian nation that has seen its fair share of war with its neighbors and western countries that have been trying to get their hands on their vast oil reserves. These constant wars and incursions have seen the nation unable to claim its rightful spot as the world’s leading producer of oil for years, but with over 140 billion barrels of oil still left, the future is still good for Iraq. Without military occupation and economic sanctions, Iraq has the potential to control the global oil market easily.

Iran – 156 billion barrels

A close neighbor to Iraq and Kuwait, the Republic of Iran is home to an impressive 156 billion barrels of oil reserves and has also seen its fair share of wars and economic sanctions from western countries. Much of the sanctions have come due to their involvement with nuclear activities. With their production being on and off over the years, if Iran gets back to its highest oil production capacity that it recorded in 2006, it will continue producing oil on a daily basis for the next 100 years before they start worrying about depletion.

Canada – 170 billion barrels

It may come as a surprise that Canada is third on the list owing to the fact that it is one of the few nations on the planet that love keeping a low profile, leaving the spotlight to their ever-active southern neighbors. The over 170 billion barrels of oil are enough to last the country centuries since they are not that big on production as it is a country blessed with other natural resources that are bringing in more than enough. The biggest buyer of Canada’s oil is the United States of America.

Saudi Arabia – 298 billion barrels

For many decades, Saudi Arabia was considered to have the largest oil reserves in the world, and they use this well over that period, producing oil for the rest of the world, turning the desert country into one of the richest nations on the planet. Despite being the top producer of oil for years, the nation still holds over 298 billion barrels of oil in its vast reserves that are widespread across the nation; if they were to maintain their current rates of production, it would take them another 200 years before they deplete the reserves.

Venezuela – 304 billion barrels

Venezuela was able to stay under the radar for years until 2011 when it was discovered it is home to over 304 billion barrels of oil reserves, and that’s not even the final estimate. There’s a chance that it could be double that. However, there’s not much being reaped from the vast reserves due to political turmoil in the South American nation, making it hard for the production to be done properly.

Conclusion

There is a combined 1.65 trillion barrels of proven oil reserves in the world as of 2020, further proof that man is not yet done with the use of fossil fuels and will not be in the near future. To better make use of these resources, many companies have come up with equipment that brings safety and concern for the environment a priority. One of these companies is XHVAL, a leader in the manufacture of industrial valves that make it easy for people to use natural gas in their homes and factories.

Share.

About Author

Avatar

Leave A Reply