Crude oil is the world’s main source of energy. In 2018, the world used approximately 99.3 million barrels per day of oil. This number is projected to rise to 100.8 million in 2019. Crude oil creates gasoline, jet fuel, diesel, asphalt, tar, and lubrication oils.

By World Population Review  October 24, 2019

Click here for an interactive map of Oil Reserves worldwide.

Oil reserves denote the amount of crude oil located in a particular region that can be recovered with current technological constraints and at a cost that is financially feasible at the current price of oil.

Unfortunately, although Venezuela has the most oil reserves in the world, most of their oil is offshore or far underground and is considered to be dense. The price of oil determines whether or not extracting it is profitable, and so the cost of extracting the oil in Venezuela’s reserves is too high to be profitable. Saudi Arabia’s oil reserves, on the other hand, are close to the surface and on the land.

Below is a table of each country’s oil reserves in billions of barrels.

Country Oil Reserves  Population 2019
Brazil 12.70 billion 211,049,527
Qatar 25.20 billion 2,832,067
China 25.60 billion 1,433,783,686
Kazakhstan 30.00 billion 18,551,427
United States 36.50 billion 329,064,917
Nigeria 37.10 billion 200,963,599
Libya 48.40 billion 6,777,452
Russia 80.00 billion 145,872,256
United Arab Emirates 97.80 billion 9,770,529
Kuwait 101.50 billion 4,207,083
Iraq 142.50 billion 39,309,783
Iran 158.40 billion 82,913,906
Canada 169.70 billion 37,411,047
Saudi Arabia 266.50 billion 34,268,528
Venezuela 300.90 billion 28,515,829

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By Published On: November 7th, 2019Comments Off on Oil Reserves By Country 2019

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