[the_ad id="121217"]

popular articles

Oil: The ten powers with the largest reserves

Oil, the world's major source of energy, generates geopolitical tensions. Venezuela has the largest reserves, followed by Saudi Arabia, but renewable energies are threatening this dominance. Middle Eastern countries play a key role in this industry.

Please share:

Oil has been at the heart of international relations and geopolitical tensions, such as the invasion of Kuwait in 1990, since its emergence in the XIXᵉ century. Controlling production and marketing is an issue of international power. Indeed, oil is the world’s leading energy source, accounting for 31.6% in 2018. This energy, used for fuel, electricity, factories, fertilizers and plastics, is omnipresent in our society.

While global reserves are increasing every year, with 244.6 Gt in 2019 according to BP, consumption is falling. The emergence of renewable energies is tending to reduce the use of fossil fuels. Oil accounted for 11,377 million tonnes of CO2 in 2017.

Venezuela as world leader

With 300 billion barrels of proven reserves, or 17.5% of world reserves, Venezuela has the world’s largest oil reserves. The latter is made up of several oil sands deposits, such as the Orinoco, which are difficult and costly to exploit. The country acquired this position in 2011, after overtaking Saudi Arabia. A founding member of OPEC, Venezuela operates this business through state-owned Petroleos.

Saudi Arabia’s ephemeral downgrading

While the country was the world benchmark in terms of oil reserves for several decades, it has lost its leading position to Venezuela. Saudi Arabia currently has 269 billion barrels, or a fifth of the world’s reserves. The country could, however, regain its top spot. The state-owned audi Arabian Oil Company is expected to increase its exploration activities in the near future, in order to surpass Venezuela’s oil reserves.

Numerous Canadian oil sands deposits

In third place, Canada has 171 billion barrels. This reserve is 95% dependent on oil sands deposits in the province of Alberta, which are costly to exploit and have a significant environmental impact. These sites are a key factor in the growth of our liquid fuel supply. These resources are exploited by Petro-Canda, whose main shareholder is Suncor Energie Inc. and other Canadian subsidiaries of multinational companies.

The Middle East at the heart of OPEC

By monopolizing the fourth, fifth and sixth places, Iran, Iraq and Kuwait are important OPEC members. Each has reserves of 158 trillion barrels, 143 trillion barrels and 104 trillion barrels respectively.

Countries plagued by political unrest

Iran and Iraq, however, have seen their oil production and exploration slow due to the sanctions imposed by Western countries. Not least because of Iran’s nuclear activities, and Iraq’s Gulf wars. What’s more, both countries have experienced political turmoil and war. However, both countries have numerous sites, unlike Kuwait, where around 70% are located in the Burgan field, the world’s second-largest oilfield.

largest oil reserves
Percentage breakdown of the world’s proven oil reserves at the end of 2015, based on data from the BP Statistical Review © Connaissance des Énergies.

Oil production by state-owned companies

Oil reserves and operations in Iraq, Iran and Kuwait are managed by state-run national companies. These are the National Iranian Oil Company, the National Iraq Oil Company and the Kuwait Oil Company.

Siberian reserve wins seventh place

With its oil reserves in the Siberian plains, Russia has 80 billion barrels of reserves. Thanks to the growing exploration of Arctic waters and ice, the country’s ranking is set to rise. Lukoil is Russia’s largest state-owned oil producer and operator.

The third largest in the Middle East in the United Arab Emirates

By owning the Zakum field, the United Arab Emirates has 98 billion barrels of oil reserves, guaranteeing it eighth place in the ranking. Over 90% of reserves are held by Abu Dhabi, followed by Dubai and Sharjah. The country operates these sites through state-owned Saudi Aramco.

Libya and Nigeria, African leaders

Ninth and tenth in terms of hydrocarbon reserves, Libya has the largest oil reserves in Africa, and Nigeria is Africa’s biggest oil producer. Each owns 48 billion barrels and 37 billion barrels. However, these two countries still have plenty of potential for exploration.

While oil production in Niger is managed by the state-owned Nigerian National Petroleum Corporation, Libyan production is managed by private companies. They are ENI, with its main shareholder Cassa Depositi e Prestiti, Total with its main shareholder BlackRock and the Russian state-owned company Rosneft.

Register free of charge for uninterrupted access.

Publicite

Recently published in

Ghana plans to source petroleum products from Nigeria's Dangote refinery, aiming to reduce its monthly fuel import bill, estimated at $400 million.
The Thali oil project of Tower Resources in Cameroon receives a major financing offer that could unlock crucial advancements, conditional on obtaining an essential license extension.
The Thali oil project of Tower Resources in Cameroon receives a major financing offer that could unlock crucial advancements, conditional on obtaining an essential license extension.
Canadian company Zimar Inc has signed an agreement to develop a modular refinery in Niger, aiming to increase the country’s oil processing capacity and stimulate refined product exports.
Canadian company Zimar Inc has signed an agreement to develop a modular refinery in Niger, aiming to increase the country’s oil processing capacity and stimulate refined product exports.
CNOOC Limited, a Chinese oil and gas company, reports record growth in production and net profit for the first three quarters of 2024, marking unprecedented performance despite an unstable external environment.
CNOOC Limited, a Chinese oil and gas company, reports record growth in production and net profit for the first three quarters of 2024, marking unprecedented performance despite an unstable external environment.
[the_ad id="121209"]
[the_ad id="121211"]
Galp has launched a new drilling phase to assess the potential of Mopane, off the coast of Namibia, marking a turning point for the development of what could become the country’s largest oil discovery.
African economies dependent on oil are stagnating, growing at half the rate of the rest of the region. The IMF highlights a lack of diversification and investment as key factors behind this lag.
African economies dependent on oil are stagnating, growing at half the rate of the rest of the region. The IMF highlights a lack of diversification and investment as key factors behind this lag.
Benin intensifies efforts to attract investors in the offshore oil sector. TGS begins 3D seismic surveys to identify new offshore oil prospects in Beninese waters.
Benin intensifies efforts to attract investors in the offshore oil sector. TGS begins 3D seismic surveys to identify new offshore oil prospects in Beninese waters.
Kerosene demand in Asia remains strong, reinforcing its position over diesel, despite the massive arrival of cargoes from India and the Middle East, which could reverse this trend.
Kerosene demand in Asia remains strong, reinforcing its position over diesel, despite the massive arrival of cargoes from India and the Middle East, which could reverse this trend.
[the_ad id="121213"]
[the_ad id="121214"]
In September, Brazil replaced Malaysia as the top supplier of blended bitumen to China, due to banking restrictions and new trade opportunities with Latin American countries.
BW Energy plans to reach a production of 40,000 barrels per day off the coast of Gabon by the end of 2024, thanks to an intensive drilling campaign in the Dussafu block.
BW Energy plans to reach a production of 40,000 barrels per day off the coast of Gabon by the end of 2024, thanks to an intensive drilling campaign in the Dussafu block.
Venezuela has arrested the former oil minister and ex-CEO of PDVSA over accusations of collaborating with U.S. intelligence, sparking new political tensions in the country.
Venezuela has arrested the former oil minister and ex-CEO of PDVSA over accusations of collaborating with U.S. intelligence, sparking new political tensions in the country.
South Sudan has resumed its crude oil exports via Sudan after a prolonged halt due to technical issues. This restart marks a crucial step for the country’s struggling economy.
South Sudan has resumed its crude oil exports via Sudan after a prolonged halt due to technical issues. This restart marks a crucial step for the country’s struggling economy.
The Gabon Oil Company (GOC) strengthens its position in the oil sector by purchasing 15% of Baudroie shares, previously owned by TotalEnergies. This acquisition aims to increase national production.
WTI Midland crude from the Permian Basin has become too light for refining infrastructure, posing significant challenges for producers and refineries. This directly impacts margins and international demand.
WTI Midland crude from the Permian Basin has become too light for refining infrastructure, posing significant challenges for producers and refineries. This directly impacts margins and international demand.
An oil spill of 30-40 tonnes was contained by Shell at Bukom, Singapore, without affecting operations. The company is collaborating with the authorities for clean-up while continuing its local restructuring.
An oil spill of 30-40 tonnes was contained by Shell at Bukom, Singapore, without affecting operations. The company is collaborating with the authorities for clean-up while continuing its local restructuring.
Canadian Natural Resources Ltd strengthens its export capacity by increasing its share on the Trans Mountain pipeline following the acquisition of new assets from Chevron. This strategic move aims to diversify markets and secure oil flows to the Asia-Pacific region.
Canadian Natural Resources Ltd strengthens its export capacity by increasing its share on the Trans Mountain pipeline following the acquisition of new assets from Chevron. This strategic move aims to diversify markets and secure oil flows to the Asia-Pacific region.
[the_ad id="121219"]
Aramco's CEO, Amin Nasser, forecasts a stable global petroleum demand exceeding 100 million barrels per day by 2050, despite ongoing energy transition efforts and economic stimulus measures in key regions.
Southeast Asia's increasing energy demand will take center stage, according to Fatih Birol of the International Energy Agency (IEA). Ensuring the security of energy flows amid geopolitical turmoil is paramount for the region.
Southeast Asia's increasing energy demand will take center stage, according to Fatih Birol of the International Energy Agency (IEA). Ensuring the security of energy flows amid geopolitical turmoil is paramount for the region.
Nigeria and its oil partners, including Shell, must make a final investment decision on the offshore Bonga North project by the end of 2024, aiming to increase reserves and national production.
Nigeria and its oil partners, including Shell, must make a final investment decision on the offshore Bonga North project by the end of 2024, aiming to increase reserves and national production.
Venezuela's oil sector is shaken by the arrest of former minister Pedro Tellechea, revealing ongoing political and economic tensions within the industry.
Venezuela's oil sector is shaken by the arrest of former minister Pedro Tellechea, revealing ongoing political and economic tensions within the industry.
Shell and the Maritime and Port Authority (MPA) responded swiftly to an oil spill in Bukom. The cleanup operations mobilized various equipment, highlighting the environmental and financial challenges associated with oil exploitation.
Pemex postpones strategic exploration and production projects in the last quarter of 2024, aiming to save USD 1.35 billion while grappling with growing debt and operational challenges.
Pemex postpones strategic exploration and production projects in the last quarter of 2024, aiming to save USD 1.35 billion while grappling with growing debt and operational challenges.
Phillips 66 announces the closure of its Wilmington, California refinery, scheduled for the fourth quarter of 2025, citing changes in market fundamentals rather than new state regulations.
Phillips 66 announces the closure of its Wilmington, California refinery, scheduled for the fourth quarter of 2025, citing changes in market fundamentals rather than new state regulations.
Chevron and the Nigerian National Petroleum Corporation (NNPC) announce a significant oil discovery in the Niger Delta, thereby reinforcing their commitment to a region marked by the withdrawal of international oil companies.
Chevron and the Nigerian National Petroleum Corporation (NNPC) announce a significant oil discovery in the Niger Delta, thereby reinforcing their commitment to a region marked by the withdrawal of international oil companies.

Advertising