Which Countries Have the World's Largest Proven Oil Reserves?
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Which Countries Have the World’s Largest Proven Oil Reserves?

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The Countries With the Largest Proven Oil Reserves

Oil is a natural resource formed by the decay of organic matter over millions of years, and like many other natural resources, it can only be extracted from reserves where it already exists. The only difference between oil and every other natural resource is that oil is well and truly the lifeblood of the global economy.

The world derives over a third of its total energy production from oil, more than any other source by far. As a result, the countries that control the world’s oil reserves often have disproportionate geopolitical and economic power.

According to the BP Statistical Review of World Energy 2020, 14 countries make up 93.5% of the proven oil reserves globally. The countries on this list span five continents and control anywhere from 25.2 billion barrels of oil to 304 billion barrels of oil.

Proven Oil Reserves, by Country

At the end of 2019, the world had 1.73 trillion barrels of oil reserves. Here are the 14 countries with at least a 1% share of global proven oil reserves:

RankCountryOil Reserves
(billion barrels)
Share of Global Reserves
#1🇻🇪 Venezuela30417.8%
#2🇸🇦 Saudi Arabia29817.2%
#3🇨🇦 Canada1709.8%
#4🇮🇷 Iran1569.0%
#5🇮🇶 Iraq1458.4%
#6🇷🇺 Russia1076.2%
#7🇰🇼 Kuwait1025.9%
#8🇦🇪 UAE985.6%
#9🇺🇸 United States694.0%
#10🇱🇾 Libya482.8%
#11🇳🇬 Nigeria372.1%
#12🇰🇿 Kazakhstan301.7%
#13🇨🇳 China26.21.5%
#14🇶🇦 Qatar25.21.5%

While these countries are found all over the globe, a few countries have much larger amounts than others. Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.

Oil Reserves vs. Oil Production

A country with large amounts of reserves does not always translate to strong production numbers for petroleum, oil, and by-products. Oil reserves simply serve as an estimate of the amount of economically recoverable crude oil in a particular region. To qualify, these reserves must have the potential of being extracted under current technological constraints.

While countries like the U.S. and Russia are low on the list of oil reserves, they rank highly in terms of oil production. More than 95 million barrels of oil were produced globally every day in 2019, and the U.S., Saudi Arabia, and Russia are among the world’s top oil-producing countries, respectively.

Oil Sands Contributing to Growing Reserves

Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. However, in 2011, Venezuela’s energy and oil ministry announced an unprecedented increase in proven oil reserves as oil sands in the Orinoco Belt territory were certified.

The nearly 200 billion barrels of proven oil reserves identified between 2005 and 2015, pushed Venezuela from fifth in the world to number one. As a result, South and Central America’s proven oil reserves more than doubled between 2008 and 2011.

In 2002, Canada’s proven oil reserves jumped from 5 billion to 180 billion barrels based on new oil sands estimates.

Canada accounts for almost 10% of the world’s proven oil reserves at 170 billion barrels, with an estimated 166.3 billion located in Alberta’s oil sands, and the rest found in conventional, offshore, and tight oil formations.

Large Reserves in OPEC Nations

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental global petroleum and oil distribution agency headquartered in Vienna, Austria.

The majority of countries with the largest oil reserves in the world are members of OPEC. Now composed of 14 member states, OPEC holds nearly 70% of crude oil reserves worldwide.

Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding nearly half of the global share.

Regional Shifts

Though most of the proven oil reserves in the world were historically considered to be centered in the Middle East, in the past three decades their share of global oil reserves has dropped, from over 60% in 1992 to about 48% in 2019.

One of the main reasons for this drop was constant oil production and greater reserves discovered in the Americas. By 2012, Central and South America’s share had more than doubled and has remained just under 20% in the years since.

While oil sands ushered in a new era of global oil reserve domination, as the world shifts away from oil consumption and towards green energy and electrification, these reserves might not matter as much in the future as they once did.

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Oil and Gas

How Affordable is Gas in Latin America?

This graphic looks at gas affordability in Latin America, showing how much a liter of gas costs in 19 countries, relative to average incomes.

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How Affordable is Gas in Latin America?

As gas prices have risen around the world, not each region and country is impacted equally.

Globally, the average price for a liter of gas was $1.44 USD on June 13, 2022.

But the actual price at the pump, and how affordable that price is for residents, varies greatly from country to country. This is especially true in Latin America, a region widely regarded as one of the world’s most unequal regions in terms of its income and resource distribution.

Using monthly data from GlobalPetrolPrices.com as of May 2022, this graphic by Latinometrics compares gas affordability in different countries across Latin America.

Gas Affordability in 19 Different Latin American Countries

To measure gas affordability, Latinometrics took the price of a liter of gas in 19 different Latin American countries and territories, and divided those figures by each country’s average daily income, using salary data from Statista.

Out of the 19 regions included in the dataset, Venezuela has the most affordable gas on the list. In Venezuela, a liter of gas is equivalent to roughly 1.3% of the country’s average daily income.

CountryGas price as of May 2022 (USD)% of average daily income
🇳🇮 Nicaragua$1.3714.0%
​🇩🇴​ Dominican Republic$1.4112.6%
🇧🇷​ Brazil$1.4312.5%
🇵🇾​ Paraguay$1.3912.2%
🇵🇪 Peru$1.5310.2%
🇺🇾 Uruguay$1.929.8%
🇸🇻​ El Salvador$1.149.2%
​​🇭🇳​ Honduras$1.338.6%
🇲🇽​ Mexico$1.177.8%
🇬🇹​ Guatemala$1.447.7%
🇦🇷 Argentina$1.066.7%
​🇨🇱​ Chile$1.376.6%
🇨🇷​ Costa Rica$1.425.9%
🇨🇴 Colombia$0.585.7%
​🇵🇦 ​Panama$1.275.0%
🇪🇨 Ecuador$0.674.1%
🇧🇴 Bolivia$0.543.2%
🇵🇷​ Puerto Rico$1.352.2%
🇻🇪​ Venezuela$0.021.3%

This isn’t too surprising, as Venezuela is home to the largest share of proven oil reserves in the world. However, it’s worth noting that international sanctions against Venezuelan oil, largely because of political corruption, have hampered the once prosperous sector in the country.

On the other end of the spectrum, Nicaragua has the least affordable gas on the list, with one liter of gas costing 14% of the average daily income in the country.

Historically, the Nicaraguan government has not regulated gas prices in the country, but in light of the current global energy crisis triggered in large part by the Russia-Ukraine conflict, the government has stepped in to help control the situation.

As the Russia-Ukraine conflict continues with no end in sight, it’ll be interesting to see where prices are at in the next few months.

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Energy

Mapped: Which Ports are Receiving the Most Russian Fossil Fuel Shipments?

Russia’s energy exports have become a hot topic. See which ports received fossil shipments during the first 100 days of the Ukraine invasion

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As the invasion of Ukraine wears on, European countries are scrambling to find alternatives to Russian fossil fuels.

In fact, an estimated 93% of Russian oil sales to the EU are due to be eliminated by the end of the year, and many countries have seen their imports of Russian gas plummet. Despite this, Russia earned €93 billion in revenue from fossil fuel exports in the first 100 days of the invasion.

While the bulk of fossil fuels travel through Europe via pipelines, there are still a number marine shipments moving between ports. The maps below, using data from MarineTraffic.com and Datalastic, compiled by the Centre for Research on Energy and Clean Air (CREA), are a look at Russia’s fossil fuel shipments during the first 100 days of the invasion.

Russia’s Crude Oil Shipments

Much of Russia’s marine shipments of crude oil went to the Netherlands and Italy, but crude was also shipped as far away as India and South Korea.

world map showing the top ports receiving russian crude oil

India became a significant importer of Russian crude oil, buying 18% of the country’s exports (up from just 1%). From a big picture perspective, India and China now account for about half of Russia’s marine-based oil exports.

It’s important to note that a broad mix of companies were involved in shipping this oil, with some of the companies tapering their trade activity with Russia over time. Even as shipments begin to shift away from Europe though, European tankers are still doing the majority of the shipping.

Russia’s Liquefied Natural Gas Shipments

Unlike the gas that flows along the many pipeline routes traversing Europe, liquefied natural gas (LNG) is cooled down to a liquid form for ease and safety of transport by sea. Below, we can see that shipments went to a variety of destinations in Europe and Asia.

world map showing the top ports that received Russian liquefied natural gas

Fluxys terminals in France and Belgium stand out as the main destinations for Russian LNG deliveries.

Russia’s Oil Product Shipments

For crude oil tankers and LNG tankers, the type of cargo is known. For this dataset, CREA assumed that oil products tankers and oil/chemical tankers were carrying oil products.

world map showing the top ports that received Russian oil product shipments

Huge ports in Rotterdam and Antwerp, which house major refineries, were the destination for many of these oil products. Some shipments also went to destinations around the Mediterranean as well.

All of the top ports in this category were located within the vicinity of Europe.

Russia’s Coal Shipments

Finally, we look at marine-based coal shipments from Russia. For this category, CREA identified 25 “coal export terminals” within Russian ports. These are specific port locations that are associated with loading coal, so when a vessel takes on cargo at one of these locations, it is assumed that the shipment is a coal shipment.

world map showing the top ports that received Russian coal shipments

The European Union has proposed a Russian coal ban that is expected to take effect in August. While this may seem like a slow reaction, it’s one example of how the invasion of Ukraine is throwing large-scale, complex supply chains into disarray.

With such a heavy reliance on Russian fossil fuels, the EU will be have a busy year trying to secure substitute fuels – particularly if the conflict in Ukraine continues to drag on.

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