Energy
Map: The Countries With the Most Oil Reserves
Map: The Countries With the Most Oil Reserves
There’s little doubt that renewable energy sources will play a strategic role in powering the global economy of the future.
But for now, crude oil is still the undisputed heavyweight champion of the energy world.
In 2018, we consumed more oil than any prior year in history – about 99.3 million barrels per day on a global basis. This number is projected to rise again in 2019 to 100.8 million barrels per day.
The Most Oil Reserves by Country
Given that oil will continue to be dominant in the energy mix for the short and medium term, which countries hold the most oil reserves?
Today’s map comes from HowMuch.net and it uses data from the CIA World Factbook to resize countries based on the amount of oil reserves they hold.
Here’s the data for the top 15 countries below:
Rank | Country | Oil Reserves (Barrels) |
---|---|---|
#1 | 🇻🇪 Venezuela | 300.9 billion |
#2 | 🇸🇦 Saudi Arabia | 266.5 billion |
#3 | 🇨🇦 Canada | 169.7 billion |
#4 | 🇮🇷 Iran | 158.4 billion |
#5 | 🇮🇶 Iraq | 142.5 billion |
#6 | 🇰🇼 Kuwait | 101.5 billion |
#7 | 🇦🇪 United Arab Emirates | 97.8 billion |
#8 | 🇷🇺 Russia | 80.0 billion |
#9 | 🇱🇾 Libya | 48.4 billion |
#10 | 🇳🇬 Nigeria | 37.1 billion |
#11 | 🇺🇸 United States | 36.5 billion |
#12 | 🇰🇿 Kazakhstan | 30.0 billion |
#13 | 🇨🇳 China | 25.6 billion |
#14 | 🇶🇦 Qatar | 25.2 billion |
#15 | 🇧🇷 Brazil | 12.7 billion |
Venezuela tops the list with 300.9 billion barrels of oil in reserve – but even this vast wealth in natural resources has not been enough to save the country from its recent economic and humanitarian crisis.
Saudi Arabia, a country known for its oil dominance, takes the #2 spot with 266.5 billion barrels of oil. Meanwhile, Canada and the U.S. are found at the #3 (169.7 billion bbls) and the #11 (36.5 billion bbls) spots respectively.
The Cost of Production
While having an endowment of billions of barrels of oil within your borders can be a strategic gift from mother nature, it’s worth mentioning that reserves are just one factor in assessing the potential value of this crucial resource.
In Saudi Arabia, for example, the production cost of oil is roughly $3.00 per barrel, which makes black gold strategic to produce at almost any possible price.
Other countries are not so lucky:
Country | Production cost (bbl) | Total cost (bbl)* |
---|---|---|
🇬🇧 United Kingdom | $17.36 | $44.33 |
🇧🇷 Brazil | $9.45 | $34.99 |
🇳🇬 Nigeria | $8.81 | $28.99 |
🇻🇪 Venezuela | $7.94 | $27.62 |
🇨🇦 Canada | $11.56 | $26.64 |
🇺🇸 U.S. shale | $5.85 | $23.35 |
🇳🇴 Norway | $4.24 | $21.31 |
🇺🇸 U.S. non-shale | $5.15 | $20.99 |
🇮🇩 Indonesia | $6.87 | $19.71 |
🇷🇺 Russia | $2.98 | $19.21 |
🇮🇶 Iraq | $2.16 | $10.57 |
🇮🇷 Iran | $1.94 | $9.09 |
🇸🇦 Saudi Arabia | $3.00 | $8.98 |
Even if a country is blessed with some of the most oil reserves in the world, it may not be able to produce and sell that oil to maximize the potential benefit.
Countries like Canada and Venezuela are hindered by geology – in these places, the majority of oil is extra heavy crude or bitumen (oil sands), and these types of oil are simply more difficult and costly to extract.
In other places, obstacles are are self-imposed. In some countries, like Brazil and the U.S., there are higher taxes on oil production, which raises the total cost per barrel.
Energy
How Much Does the U.S. Depend on Russian Uranium?
Currently, Russia is the largest foreign supplier of nuclear power fuel to the U.S.
How Much Does the U.S. Depend on Russian Uranium?
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email.
The U.S. House of Representatives recently passed a ban on imports of Russian uranium. The bill must pass the Senate before becoming law.
In this graphic, we visualize how much the U.S. relies on Russian uranium, based on data from the United States Energy Information Administration (EIA).
U.S. Suppliers of Enriched Uranium
After Russia invaded Ukraine, the U.S. imposed sanctions on Russian-produced oil and gas—yet Russian-enriched uranium is still being imported.
Currently, Russia is the largest foreign supplier of nuclear power fuel to the United States. In 2022, Russia supplied almost a quarter of the enriched uranium used to fuel America’s fleet of more than 90 commercial reactors.
Country of enrichment service | SWU | % |
---|---|---|
🇺🇸 United States | 3,876 | 27.34% |
🇷🇺 Russia | 3,409 | 24.04% |
🇩🇪 Germany | 1,763 | 12.40% |
🇬🇧 United Kingdom | 1,593 | 11.23% |
🇳🇱 Netherlands | 1,303 | 9.20% |
Other | 2,232 | 15.79% |
Total | 14,176 | 100% |
SWU stands for “Separative Work Unit” in the uranium industry. It is a measure of the amount of work required to separate isotopes of uranium during the enrichment process. Source: U.S. Energy Information Administration
Most of the remaining uranium is imported from European countries, while another portion is produced by a British-Dutch-German consortium operating in the United States called Urenco.
Similarly, nearly a dozen countries around the world depend on Russia for more than half of their enriched uranium—and many of them are NATO-allied members and allies of Ukraine.
In 2023 alone, the U.S. nuclear industry paid over $800 million to Russia’s state-owned nuclear energy corporation, Rosatom, and its fuel subsidiaries.
It is important to note that 19% of electricity in the U.S. is powered by nuclear plants.
The dependency on Russian fuels dates back to the 1990s when the United States turned away from its own enrichment capabilities in favor of using down-blended stocks of Soviet-era weapons-grade uranium.
As part of the new uranium-ban bill, the Biden administration plans to allocate $2.2 billion for the expansion of uranium enrichment facilities in the United States.
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