Connect with us

Energy

Map: The Countries With the Most Oil Reserves

Published

on

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:

RankCountryOil Reserves (Barrels)
#1๐Ÿ‡ป๐Ÿ‡ช Venezuela300.9 billion
#2๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia266.5 billion
#3๐Ÿ‡จ๐Ÿ‡ฆ Canada169.7 billion
#4๐Ÿ‡ฎ๐Ÿ‡ท Iran158.4 billion
#5๐Ÿ‡ฎ๐Ÿ‡ถ Iraq142.5 billion
#6๐Ÿ‡ฐ๐Ÿ‡ผ Kuwait101.5 billion
#7๐Ÿ‡ฆ๐Ÿ‡ช United Arab Emirates97.8 billion
#8๐Ÿ‡ท๐Ÿ‡บ Russia80.0 billion
#9๐Ÿ‡ฑ๐Ÿ‡พ Libya48.4 billion
#10๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria37.1 billion
#11๐Ÿ‡บ๐Ÿ‡ธ United States36.5 billion
#12๐Ÿ‡ฐ๐Ÿ‡ฟ Kazakhstan30.0 billion
#13๐Ÿ‡จ๐Ÿ‡ณ China25.6 billion
#14๐Ÿ‡ถ๐Ÿ‡ฆ Qatar25.2 billion
#15๐Ÿ‡ง๐Ÿ‡ท Brazil12.7 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:

CountryProduction cost (bbl)Total cost (bbl)*
๐Ÿ‡ฌ๐Ÿ‡ง United Kingdom$17.36$44.33
๐Ÿ‡ง๐Ÿ‡ท Brazil$9.45$34.99
๐Ÿ‡ณ๐Ÿ‡ฌ Nigeria$8.81$28.99
๐Ÿ‡ป๐Ÿ‡ช Venezuela$7.94$27.62
๐Ÿ‡จ๐Ÿ‡ฆ Canada$11.56$26.64
๐Ÿ‡บ๐Ÿ‡ธ U.S. shale$5.85$23.35
๐Ÿ‡ณ๐Ÿ‡ด Norway$4.24$21.31
๐Ÿ‡บ๐Ÿ‡ธ U.S. non-shale$5.15$20.99
๐Ÿ‡ฎ๐Ÿ‡ฉ Indonesia$6.87$19.71
๐Ÿ‡ท๐Ÿ‡บ Russia$2.98$19.21
๐Ÿ‡ฎ๐Ÿ‡ถ Iraq$2.16$10.57
๐Ÿ‡ฎ๐Ÿ‡ท Iran$1.94$9.09
๐Ÿ‡ธ๐Ÿ‡ฆ Saudi Arabia$3.00$8.98
*Total cost (bbl) includes production cost (also shown), capital spending, gross taxes, and admin/transport costs.

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.

Click for Comments

Energy

Ranked: Electric Vehicle Sales by Model in 2023

Today, electric vehicle sales make up 18% of global vehicle sales. Here are the leading models by sales as of August 2023.

Published

on

The Highest Electric Vehicle Sales, by Model

Ranked: Electric Vehicle Sales by Model in 2023

Electric vehicle (EV) sales are gaining momentum, reaching 18% of global vehicle sales in 2023.

As new competitors bring more affordable options and new performance features, the market continues to mature as customers increasingly look to electric options.

This graphic ranks the top-selling EVs worldwide as of August 2023, based on data from CleanTechnica.

The Best Selling EVs in 2023 (Through August)

Below, we show the worldโ€™s best selling fully electric vehicles from January to August 2023:

ModelCountryVehicles Sold
(Jan-Aug 2023)
Tesla Model Y๐Ÿ‡บ๐Ÿ‡ธ U.S.772,364
Tesla Model 3๐Ÿ‡บ๐Ÿ‡ธ U.S.364,403
BYD Atto 3 / Yuan Plus๐Ÿ‡จ๐Ÿ‡ณ China265,688
BYD Dolphin๐Ÿ‡จ๐Ÿ‡ณ China222,825
GAC Aion S๐Ÿ‡จ๐Ÿ‡ณ China160,693
Wuling HongGuang Mini EV๐Ÿ‡จ๐Ÿ‡ณ China153,399
GAC Aion Y๐Ÿ‡จ๐Ÿ‡ณ China136,619
VW ID.4๐Ÿ‡ฉ๐Ÿ‡ช Germany120,154
BYD Seagull๐Ÿ‡จ๐Ÿ‡ณ China95,202

As we can see, Tesla‘s Model Y still holds a comfortable lead over the competition with 772,364 units sold. That’s more than double the sales of the #2 top selling vehicle, Tesla’s Model 3 (364,403)

But itโ€™s hard to ignore the rising prevalence of Chinese EVs. The next five best selling EV vehicles are Chinese, including three from BYD. The automaker’s Atto 3 (or Yuan Plus, depending on market), is being sold in various countries including Germany, the UK, Japan, and India.

Meanwhile, Chinese automaker GAC Group also had two models of its Aion EV brand make the rankings, with the Aion S selling 160,693 units so far.

Regional market strength is also clear. For Volkswagen’s ID.4 model (120,154 units sold), Europe and China account for the majority of sales.

Given growing cost efficiencies and changing consumer behavior, global EV sales are projected to make up half of new car sales globally by 2035, according to forecasts from Goldman Sachs.

Continue Reading

Subscribe

Popular