• Thursday, May 23, 2024
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Top 10 countries with the largest proven oil reserves

Top 10 countries with the largest proven oil reserves

The global economy heavily relies on the energy sector, with oil serving as a fundamental resource.

These countries represent a varied spectrum within the energy landscape, from influential players like Saudi Arabia to emerging contenders like Iraq.

The oil wealth of each nation holds considerable implications for global energy security, economic well-being, and geopolitical affairs.

Organization of the Petroleum Exporting Countries (OPEC), a notable player in the oil-producing nations, includes members with substantial proven oil reserves, establishing them as significant entities in the global energy scene, reports the 10 countries with the largest proven oil reserves.

Read also: Nigeria loses top spot to Libya as oil output dips

Data gathered from OPEC revealed the top 10 countries with the largest proven oil reserves in 2022

1. Venezuela — 303.221 billion barrels

Venezuela sits atop the list with the largest proven oil reserves, with over 300 billion barrels. The country’s oil wealth predominantly lies in the Orinoco Belt, a vast area estimated to hold immense heavy crude oil deposits.

2. Saudi Arabia — 267.192 billion barrels

Saudi Arabia possesses the second-largest proven oil reserves globally. The kingdom’s vast reserves, concentrated mainly in the Ghawar field, have long been the cornerstone of its economy and global oil market stability.

3. Iran — 208.6 billion barrels

Iran’s oil reserves, concentrated in vast onshore and offshore fields, secure its position as OPEC’s third-largest reserve holder. Iran is a formidable player in the energy sphere, with its reserves serving as a strategic asset amid evolving global dynamics.

Read also: Libya overtakes Nigeria as oil output hits eight-month low

4. Iraq — 145.019 billion barrels

Iraq’s rich oil reserves, primarily located in the southern region, represent a cornerstone of its economy and national development. Iraq’s oil sector continues to expand, attracting international investment and attention.

5. United Arab Emirates — 113 billion barrels

The United Arab Emirates (UAE) ranks fifth, its oil is primarily concentrated in its offshore fields in the Persian Gulf. The UAE’s oil wealth has fuelled its rapid economic development, transforming it into a regional economic powerhouse.

6. Kuwait — 101.5 billion barrels

Kuwait holds significant proven oil reserves exceeding 100 billion barrels. The country’s oil industry, managed by the state-owned Kuwait Petroleum Corporation, forms the backbone of its economy.

Read also: Timeline: How FG lost cases in Nigeria’s $1.3 billion oil-field scandal

7. Russia — 80 billion barrels

Russia ranks seventh globally in terms of proven oil reserves. The country’s vast Siberian region hosts substantial oil deposits, supporting its position as one of the world’s leading oil producers.

8. United States of America — 55.251 billion barrels

The United States has considerable proven oil reserves, primarily in shale formations such as the Permian Basin and the Bakken Formation. The shale revolution has transformed the country into a major oil producer, reducing its dependence on foreign oil imports.

9. Libya — 48.363 billion barrels

Libya possesses significant proven oil reserves concentrated in its Sirte Basin despite prolonged periods of political instability. The country’s oil industry, hampered by disruptions and security concerns, has struggled to reach its full potential.

10. Nigeria — 36.967 billion barrels

Nigeria rounds off the top 10 list with substantial proven oil reserves primarily located in the Niger Delta region. The country’s oil industry forms the cornerstone of its economy, accounting for a significant portion of government revenue.