Your question: What countries have the largest oil reserves?

What country has the most oil reserves in the world?

possible and undiscovered), the United States is at the top of the list with 264 billion barrels of recoverable oil reserves, followed by Russia with 256 billion, Saudi Arabia with 212 billion, Canada with 167 billion, Iran with 143 billion, and Brazil with 120 billion (Table 1).

Who has more oil Saudi or Iran?

Many of the largest oil producers are in the Middle East, including Saudi Arabia, UAE, and Iraq. Saudi Arabia is the world’s largest oil producer and accounts for roughly 15% of global output. … Iran is one of the world’s largest oil producer, but output is below potential due to economic sanctions.

What are the top 5 oil consuming countries?

Main oil consuming countries: ranking by per capita consumption (2018) In 2018, Saudi Arabia, the USA, Canada, South Korea, Japan, Germany, Russia, Brazil, China and India were the top 10 oil consuming countries (see chart World top 10 oil consumers in 2018).

Which country has the largest amount of oil exports and oil reserves?

1. Venezuela – 304 billion barrels. Venezuela has the largest oil reserves of any country in the world, with more than 300 billion barrels of proven reserves. That is a 17.5% share of the entire global resource, and in 2011 the country surpassed Saudi Arabia to top worldwide list.

Who is the number 1 oil producing country?

United States

The United States is the top oil-producing country in the world, with an average of 19.47 million barrels per day (b/d), which accounts for 19% of the world’s production.

Who has most oil in world?

Oil Reserves by Country

What is the richest country in Middle East?

The UAE has emerged as the wealthiest country in the Middle East, with Dubai the richest city, according to latest data from New World Wealth. The wealth sector compiler’s newest report showed that the 82,763 high and ultra-high net worth individuals (UHNWIs) in the country own over Dh3 trillion wealth as of June 2020.

Can Saudi Arabia survive without oil?

Dubbed Vision 2030, the wide-ranging initiative unveiled with fanfare in 2016 aims to diversify the oil-dependent economy and attract foreign investment. … When he first launched his vision, Prince Mohammed said Saudi Arabia would be able to survive without oil by 2020.

What country in the Middle East has the most oil?

The countries in the Middle East are renowned for their vast oil reserves in the global market. While the largest importer of oil and petroleum is the United States, the leading producer of oil in the Middle East is Saudi Arabia with over 12 million barrels of oil produced per day as of 2018.

Who is the richest oil tycoon?

The richest energy billionaire remains India’s Mukesh Ambani, who runs oil and gas conglomerate Reliance Industries. Oil remains king among the world’s richest energy billionaires — the fossil fuel contributed to the fortunes of six of the top 10, making it the most common source of wealth.

Is USA self sufficient in oil?

Energy independence is highly concerned with oil, the source of the country’s principal transport fuels. In total energy consumption, the US was between 86% and 91% self-sufficient in 2016. In May 2011, the country became a net exporter of refined petroleum products.

Is Canadian oil dirty?

And yet, Canada’s oil is one of the dirtiest in the world. A study published in the prestigious journal Science found that 46 countries produced oil with a lower per barrel carbon footprint than Canada. … The truth is that exporting more Canadian oil will increase global carbon emissions.

What country has the least oil?

Japan ranks only behind the United States and China in both GDP and daily consumption of oil, but its proved reserves are essentially zero, compared with U.S. reserves of nearly 31 billion barrels and Chinese reserves of about 24.5 billion barrels.

How long will US oil reserves last?

At our current consumption rate of about 20 million barrels a day, the Strategic Petroleum Reserve would last only 36 days if we were faced with a situation where the oil had to be released all at once (however, only 4.4 million barrels a day can be withdrawn, extending our supply to 165 days).

Who is the biggest exporter of oil?

Searchable List of Crude Oil Exporting Countries in 2019