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
The World’s Biggest Oil Producers in 2023
Just three countries accounted for 40% of global oil production last year.
The World’s Biggest Oil Producers in 2023
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email.
Despite efforts to decarbonize the global economy, oil still remains one of the world’s most important resources. It’s also produced by a fairly limited group of countries, which can be a source of economic and political leverage.
This graphic illustrates global crude oil production in 2023, measured in million barrels per day, sourced from the U.S. Energy Information Administration (EIA).
Three Countries Account for 40% of Global Oil Production
In 2023, the United States, Russia, and Saudi Arabia collectively contributed 32.8 million barrels per day to global oil production.
Oil Production 2023 | Million barrels per day |
---|---|
🇺🇸 U.S. | 12.9 |
🇷🇺 Russia | 10.1 |
🇸🇦 Saudi Arabia | 9.7 |
🇨🇦 Canada | 4.6 |
🇮🇶 Iraq | 4.3 |
🇨🇳 China | 4.2 |
🇮🇷 Iran | 3.6 |
🇧🇷 Brazil | 3.4 |
🇦🇪 UAE | 3.4 |
🇰🇼 Kuwait | 2.7 |
🌍 Other | 22.8 |
These three nations have consistently dominated oil production since 1971. The leading position, however, has alternated among them over the past five decades.
In contrast, the combined production of the next three largest producers—Canada, Iraq, and China—reached 13.1 million barrels per day in 2023, just surpassing the production of the United States alone.
In the near term, no country is likely to surpass the record production achieved by the U.S. in 2023, as no other producer has ever reached a daily capacity of 13.0 million barrels. Recently, Saudi Arabia’s state-owned Saudi Aramco scrapped plans to increase production capacity to 13.0 million barrels per day by 2027.
In 2024, analysts forecast that the U.S. will maintain its position as the top oil producer. In fact, according to Macquarie Group, U.S. oil production is expected to achieve a record pace of about 14 million barrels per day by the end of the year.
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