In this piece, we will take a look at the five countries that have the largest oil reserves in the world heading into 2023. For more countries, head on over to 20 Countries That Have The Largest Oil Reserves in the World Heading into 2023.
5. Republic of Iraq
Oil Reserves as of 2021: 145 billion barrels
The Republic of Iraq is a Middle Eastern country that is also an OPEC member state. Oil exports are the largest portion of its economy, and it’s estimated that in 2021, more than 90% of Iraq’s foreign exchange earnings came from selling crude oil. Iraq is also OPEC’s second largest oil producer, as it pumped out 4.45 million barrels in November 2022. Major players in the Iraqi oil industry are PetroChina Company Limited (SHA:601857.SS) and BP p.l.c. (NYSE:BP). Iraq has also benefited from significantly growing its production this year, but there are worries that it could drop in 2023.
4. Canada
Oil Reserves as of 2021: 170.3 billion barrels
Canada is a North American country with a $2.24 trillion GDP. The bulk of its oil reserves are located in the Athabasca oil sands, and Canada’s largest oil company is Canadian Natural Resources Limited (NYSE::CNQ. Canada was the fourth largest oil producer in 2021, when it produced 5.54 million barrels of oil per day. Its consumption was relatively lower as it stood at 2.26 million barrels, and made Canada a net oil exporter. Canadian Natural Resources Limited (NYSE::CNQ is aiming to boost its oil production to 1.1 million barrels in 2023.
3. Islamic Republic of Iran
Oil Reserves as of 2021: 208.6 billion barrels
The Islamic Republic of Iran, or simply Iran, is a Western Asian country whose oil is one of the most controversial topics in the world. Irani oil is heavily sanctioned by the U.S., which ends up restricting the number of customers that can buy it. Iran’s primary oil company is the National Iranian Oil Company, which at a time was the second largest oil company in the world in terms of revenue but latest figures are harder to determine. Its primary oil refiner is National Iranian Oil Refining and Distribution Company (NIORDC). Irani oil is often bought by India and China, with China’s purchases touching record levels earlier this year.
2. Kingdom of Saudi Arabia (KSA)
Oil Reserves as of 2021: 258.6 billion barrels
The Kingdom of Saudi Arabia (KSA) is a dominating player in the global oil industry and the largest OPEC oil producer which supplied 10.48 million barrels in November 2022. Saudi Arabia’s national oil company, Saudi Arabian Oil Company (TADAWUL:2222.SR), is also the world’s largest oil company in terms of revenue generated. Saudi Arabia came under a bit of controversy earlier this year when it decided to reduce oil production even as prices were soaring in the aftermath of the Russian invasion of Ukraine.
1. Bolivarian Republic of Venezuela
Oil Reserves as of 2021: 303.8 billion barrels
The Bolivarian Republic of Venezuela, or Venezuela, is a South American country. Despite having the largest proven oil reserves in the world, Venezuela ranks relatively low in the list of oil producing countries. However, the Russian invasion of Ukraine and the resulting disruption in the oil supply chain might change things, as the U.S. eased some of its sanctions against the country this year. It has also granted a license to Chevron Corporation (NYSE:CVX) to resume oil operations in the country.
Disclosure: None. You can also take a peek at 15 Most Hated Companies in the US and Jim Cramer’s 10 Comeback Stocks.
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