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.

CountryOil Reserves Population 2019
Brazil12.70 billion211,049,527
Qatar25.20 billion2,832,067
China25.60 billion1,433,783,686
Kazakhstan30.00 billion18,551,427
United States36.50 billion329,064,917
Nigeria37.10 billion200,963,599
Libya48.40 billion6,777,452
Russia80.00 billion145,872,256
United Arab Emirates97.80 billion9,770,529
Kuwait101.50 billion4,207,083
Iraq142.50 billion39,309,783
Iran158.40 billion82,913,906
Canada169.70 billion37,411,047
Saudi Arabia266.50 billion34,268,528
Venezuela300.90 billion28,515,829

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

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