Top 10 countries by oil reserves - the oil "tycoons" of our world

The mass consciousness has somehow established the opinion that the most oil-bearing countries are those where Arab sheikhs are in power. In fact, the world record holder in terms of reserves of "black gold" is Venezuela - in its bowels are concentrated to date 303 million barrels.

Recall that a barrel is a 156-liter metal barrel. Or, to put it simply, to have something to compare it with, it is 17.5% of the world's reserves. The Saudis, however, are only 3/10ths of a percent "behind," the oil under their control is 17.2% of the world's proven reserves.

Venezuela

Venezuela is the world's leader in oil reserves. But there is one "but": it is rich in "heavy", very thick oil, which is more like fuel oil in consistency. Such oil is ideal for producing lubricating oils and diesel fuel, but very little gasoline can be produced from it. And it's at a considerable depth.

It is also very abundant on the Venezuelan shelf, which means that offshore platforms are required for extraction, which makes extraction heavier and more expensive. So it's more of a reserve for future generations of 303.8 billion barrels. Which as a percentage is 17.5 of the world's proven reserves.

Saudi Arabia

It is the ease of production of local oil, as well as the abundance of light fractions in it (which are used to produce gasoline) that make Saudi Middle Eastern oil the world's No. 1 fossil fuel.

And it should be said that the Arab monarchies have used this gift very effectively. It is enough to compare photos of their villages of 30-40 years ago and today's ones - you will not see a more urban landscape anywhere in the world. Again, the population of the Arab monarchies has the highest standard of living and income. Although it would be more correct to call it "utilization of natural rent", as most Saudis do not work, but spend their time pleasantly.

To work they have migrants, who have almost no civil rights, but they are paid very decently. But the slightest offense and first, a gigantic fine to be worked off, and second, once the fine is paid, immediate deportation with no right to ever show up on those lands in the future.

The Saudis' share of the world's oil reserves is 297.5 billion

Canada

It is difficult to assess Canadian oil - some studies put this country in 4th place, some - in third place, but we will be guided by OPEC estimates, and according to them, the share of world oil reserves in Canada is 9.7%.

But there is a nuance: this is "heavy" oil, and it still needs to be "squeezed out of bitumen sands. Until recently the production of such oil was very expensive, but new technologies of the last decade allowed to reduce the cost of such oil to 16 dollars per barrel.

As a result of technology development, for example, production at the Albert field alone exceeded the historical record and amounted to 3.7 million barrels per day in 2022.

Currently, the Canadian oil reserve is estimated at 168.1 billion barrels.

Iran

Iran is the world's third largest oil producer, ranking behind Venezuela and Saudi Arabia. But there is another method of calculation, where it ranks third in hydrocarbon production, i.e. oil, gas and condensate combined, after... Iraq and Russia!

Iran is a vivid illustration of the fact that countries with self-sufficient economies, where all sectors are developing progressively, cannot be destroyed by any sanctions. For reference: Iran has been living in the sanctions regime for more than 50 years.

Iran's share of oil in the world reserves is 9.1%, but this figure may change in the near future, as Iran has an agreement with Russia to develop new oil and gas fields starting from 2022. Moreover, these fields are new, only recently explored and discovered. So in total, Iran's share of global reserves is 157.8 billion barrels.

Iraq

After Desert Storm in the early 1990s, Iraq's oil production sagged significantly. However, in recent years the country has not only reached the pre-war production level, but also surpassed it. And by 2027 it is planned to increase production up to 7 million barrels per day. In total, Iraqi oil reserves are estimated at 145 billion barrels, which is 8.4%.

Together with Iraqi firms, production is now being carried out (directly or as managers) by the British BP, the Chinese from PetroChina and the Russian Lukoil.

Russia

Looking back at the results of 2022, we can see that even after breaking the chains of old and proven logistics, instead of reducing the trade balance, Russia's balance of trade increased by 7%.

Of course, not without difficulties - especially if we take into account the 60-year exploitation of the Samotlor fields, the profitability of which is inevitably declining. It is now at about $32 a barrel, while new fields cost half as much to produce.

In addition, Russia now has new fields that are explored and ready for exploitation, and their output will cost no more than $10 per barrel - with appropriate capital investments, of course.

The reserve is 107.8 billion barrels, or 6.2% of the world's reserves.

Kuwait

The "Desert Storm" in its time began precisely because of this country, which S. Hussein's Iraq annexed, considering it (to some extent not unreasonably) its province, which "escaped" from the metropolis as a result of rebellion. Kuwait was already then considered the richest country in the Middle East with the most expensive currency in the world.

Today's oil reserve of Kuwait in the world ranking is estimated at 101.5 billion barrels, or 5.9%. And while it produced 2.89 million barrels per day in the summer of 2022, Kuwait plans to increase production to 4.75 in 17 years.

Reserves from the global 101.5 billion barrels, as a percentage of global reserves it would be 5.9

UAE

The United Arab Emirates is pumping out 3.5 million barrels of oil every day, and only in May 2022 three new fields were discovered. It is also planned to increase production to 5 million barrels per day, not by 2030, as it was planned earlier, but by 2027.

This will bring the Emirates to a new level, and most likely the current figures in the world ranking of 97.8 billion barrels, or 5.6% of the world, will be significantly exceeded, which will move the Emirates up at least one line.

US

68.8 billion barrels - this is the share of US oil reserves in the world total. However, OPEC's calculation methodology may be "lame" here, as it does not take into account the possibilities of shale oil production and refining, the share of which can make the U.S. almost the world leader in reserves, production and refining.

Despite the huge volumes of their own oil production, the Americans do not use all the explored potential. Preferring to buy (or rather - to buy more) oil for their refineries on the side, in Mexico or Canada for logistical reasons. Leaving their oil in the subsoil or pumping it into storages, creating a strategic reserve.

At the level of production in 2022 of 11.8 million barrels per day by the end of 2023, the Americans intend to increase it to 20.5 million.

Libya

Based on BP's calculation methods (OPEC after Gaddafi does not estimate Libyan oil reserves, although earlier it estimated this volume at 29.5 billion), Libya's share in the global reserves is estimated at 48.47 billion barrels.

Today, with the civil war still raging, it is extremely difficult to make predictions, although the reopening of the two largest fields at El Sharara and El Fil may soon bring production back to pre-war levels.