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
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.

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 world’s best selling fully electric vehicles from January to August 2023:
Model | Country | Vehicles Sold (Jan-Aug 2023) |
---|---|---|
Tesla Model Y | 🇺🇸 U.S. | 772,364 |
Tesla Model 3 | 🇺🇸 U.S. | 364,403 |
BYD Atto 3 / Yuan Plus | 🇨🇳 China | 265,688 |
BYD Dolphin | 🇨🇳 China | 222,825 |
GAC Aion S | 🇨🇳 China | 160,693 |
Wuling HongGuang Mini EV | 🇨🇳 China | 153,399 |
GAC Aion Y | 🇨🇳 China | 136,619 |
VW ID.4 | 🇩🇪 Germany | 120,154 |
BYD Seagull | 🇨🇳 China | 95,202 |
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 it’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.
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