These Countries have the largest oil reserves in the world - Alldamoney

[Latest News][6]

Featured Posts
Latest News


grid http://i68.tinypic.com/16j6ae.jpg

These Countries have the largest oil reserves in the world

Oil prices drop witnessed over the past years has created plenty of concern for national governments and global policy makers.

With top producers, Saudi Arabia, Venezuela and other gulf countries dominating the oil market and pumping more crude than all other OPEC countries combined there is the need to understand why these countries keep pumping oil even when an agreement was reached to cut back at the amount of crude being brought into the market.

To fully understand why these countries keep pumping huge amounts of oil there is a need to examine their reserves to fully gain an insight into their policy objective.

An oil reserve of a country is said to be the quantities of petroleum, which could be analyzed with a high degree of confidence geologically and through the use of engineering data, to be commercially recoverable at a particular date.

In order to shed more light into this ambiguous subject, we profiled ten countries with the largest oil reserves in the world to help put their positions within the energy landscape into perspective.
So which are the countries with the largest oil reserve in the world?
10. Libya - 48.36 Billion Barrels

Al-Ghani oil field Libya

Libya has the tenth largest oil reserve globally and the largest in Africa. As a result, sanctions against the North African country in the past foreign oil companies its total reserve remains largely unexplored but  has the potential to have a greater reserve of fossil fuel than currently known.

9. United Arab Emirates - 97.8 Billion Barrels

                                Saleh-5 well offshore Ras Al Khaimah, United Arab Emirate

All most all of the United Arab Emirates (UAE) oil is from its Zakum field, estimated at about 66 billion barrels. Since its discovery there in 1958, the UAE has become a modern state with a high standard of living.

7. Kuwait - 104 Billion Barrels

                                            Kuwait Petroleum Corporation (KPC) main office

Kuwait's Burgan oil field is the second largest oil field in the world. And most of the country’s oil is based on the Saudi-Kuwaiti neutral zone, which Kuwait shares with Saudi Arabia, having over 70 billion barrels.

6. Iraq - 144.2 Billion Barrels

                                            Baba Gurgur oil field Kirkuk, Iraq

Iraq sits on one of the world's largest proven crude oil reserves. Although the civil unrest and military occupations witnessed over the last few decades in the country has not made it possible to meaningful explore the country’s huge reserves. Based on this, the data used to determine Iraq’s global oil holdings is about least three decades old and based on 2D seismic surveys.

5. Iran - 157.8 Billion Barrels

Iran offshore oil field located off Qeshm island
Iranian oil is found in about 150 hydrocarbon fields, of which many have both crude oil and natural gas the country has close to 160 billion barrels of proven oil reserves.

4. Canada - 172 Billion Barrels

                                                                  Hamburg oil field Canada

Canada had about 172.9 billion barrels of proven oil reserves, as of 2014, of which the province of Alberta has the most significant proportion in the form of oil sands deposits.

4. Russia - 256 Billion Barrels

                                                          Russia’s offshore Arctic drilling

Russia has revamped the production of oil in the past few years. The country is known to have a large amount of natural resources.

3. Saudi Arabia - 261 Billion Barrels

                                                            Ghawar Oil Field, Saudi Arabia

The Kingdom of Saudi Arabia popularly known for its vast oil reserve has for many decades controlled the oil market in the world. The country has 267 bbl of proven oil reserves and more are said to be lying undiscovered beneath the arid sands of the Saudi deserts. Saudi Arabia's reserves are considered to comprise a fifth of the entire globe's conventional reserves.

2. United States - 264 Billion Barrels

US shale oil exploration technology Texas 
As a result of an increased usage of unconventional drilling methods that enable the extraction of more shale oil and gas than was previously possible U.S. Oil reserves have soared to new heights in recent years. These, methods raised U.S. reserves to an all high of 264 billion barrels in 2016 above petroleum leaders such as Venezuela, Saudi Arabia and Canada.

1. Venezuela - 298.4 Billion Barrels

                                             Venezuela's national oil company PDVSA Exploring for oil 
With the discovery of huge reserves of oil sands deposits, Venezuela vaulted itself to the top of the standings of countries with the most oil reserves. The South American country was previously the country with the highest volume of proven oil reserves in the world with about 298 bbl of proven reserves.

Alldamoney '

features the latest political, financial,business and sports news to entertain and inspire ideas for business and lifestyle.

Start typing and press Enter to search