Seven countries that have the largest #OilReserves

Oil is one of the most important commodities in the world market today; its availability and widespread use continue to drive geopolitical considerations. Consequently, oil is a controversial subject to some and is often misunderstood by many. For example, many people assume that most of the oil consumed in the United States is derived from Middle Eastern sources and is therefore the primary consideration for US foreign policy in the region. Yet in fact, the majority of the oil consumed by the US comes from its neighbour, Canada.

This article will take a look at some of the countries with the biggest oil reserves and the state of efforts to extract it for a variety of purposes.

Venezuela

Venezuela’s relationship with its oil industry has come under sharp focus recently as it has been suggested that mismanagement of the nation’s economy, which has historically been dependent upon its oil exports, is largely to blame for the current instability the nation is facing.

Venezuela’s proven oil reserves are equal to around 300 billion barrels and, in the last few years, Venezuela has overtaken Saudi Arabia as holder of the largest oil reserves in the world.

Kuwait

Kuwait has long been able to punch above its weight. The tiny nation is one of the world’s largest oil exporters and a number of Kuwaiti businesspeople, such as Fahad Al Rajaan, believe that the social and economic progress made in recent years is due to its thriving oil industry. The country’s reserves of 104 billion barrels are relatively modest, but despite the small size and population of the nation, it is able to export around 3 million barrels every day.

Saudi Arabia

Saudi Arabia is the largest exporter of oil in the world. It sits on the second biggest oil reserves on Earth, which equate to just under a fifth of the total reserves available globally. Saudi Arabia’s proven oil reserves stand at 270 billion barrels and it exports a little under 12 million barrels every day.

Canada

Canada’s oil sands are becoming an increasingly important source for both its own and the global oil supply. Canada primarily exports its oil to the United States, which accounts for the lion’s share of the 4 million or so barrels that Canada exports every day. Its total oil reserves are around 174 billion barrels, most of which reside in the country’s oil sands.

Iran

Iran has found itself the target of international sanctions and regional conflicts over the last several decades. Consequently, its energy sector has suffered a dramatic decline in profitability. The most recent round of sanctions in 2012 cut the country’s oil production to a tenth of its original size.

There are approximately 155 billion barrels of oil confirmed to be extractable. The country’s current rate of export is 3.5 million barrels per day, but this is expected to increase as sanctions are eased.

Iraq

Iraq’s proven oil reserves of 142 billion barrels means that it has a lot of potential in the energy sector, but long periods of instability and difficulty unifying the various pieces of infrastructure involved in the process have hamstrung its efforts at increasing its exports. Currently, its exports stand at around 3 million barrels per day.

United Arab Emirates

The United Arab Emirates has oil reserves of approximately 98 billion barrels and it exports a little over 3 million barrels every day.

Technological advances are making more and more of the world’s oil viable to extract every day. While the above countries are currently the world’s largest producers, the landscape is constantly shifting and it is difficult to predict what the list will look like in 10 years.

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