In this article, we are going to discuss the 5 countries with the largest proven oil reserves in the world. If you want to check out our detailed analysis of the global oil and gas market, the impact of the Russia-Ukraine war on the global oil sector, and the steps taken by major oil companies to achieve net zero by 2050, head to 15 Countries with the Largest Proven Oil Reserves in the World.
5. United Arab Emirates
Total Proven Oil Reserves in 2022: 113 billion barrels
To increase its crude oil production capacity to 5 million barrels per day by 2027, ADNOC (the national oil company of UAE) has planned on spending $150 billion to increase upstream exploration and development. Around 96% of the UAE’s proven oil reserves are located in Abu Dhabi.
Although the U.A.E. ranks among the Top Oil Producers, the COP 28 host claims that it is investing ‘way more’ into renewable energy than in oil and gas. In 2022, the United Arab Emirates invested a whopping $36 billion in overseas renewable energy projects, highlighting its commitment to a greener future.
4. Iraq
Total Proven Oil Reserves in 2022: 145.019 billion barrels
Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia, and holds 17% of the proven oil reserves in the Middle East and 8% of the reserves globally. The entirety of Iraq’s oil fields are located onshore, with the majority of them being in the country’s southern Basra region, the Diyala region east of Baghdad, and the northeastern Kirkuk region.
According to Mazhar Muhammad Salih, the financial adviser to the Iraqi Prime Minister, the market value of the country’s oil, gas, and other natural resources exceeds $15 trillion.
3. Iran
Total Proven Oil Reserves in 2022: 208.6 billion barrels
For Iranians, cheap gasoline is practically considered a birthright, as their country is among the Top 3 Oil Holders in the World. Heavy state subsidies have been keeping gas prices low, however, due to the widening gap between supply (which is limited by domestic refining capacity) and rising demand, the government has been forced to tap its strategic reserves and import petrol for the first time in a decade.
Around 80% of Iran’s oil production comes from aging fields facing pressure drops, resulting in an annual production decline of 8% to 10%.
2. Saudi Arabia
Total Proven Oil Reserves in 2022: 267.192 billion barrels
Saudi Arabia is home to around 17% of the world’s proven petroleum reserves. Owned and operated by Saudi Aramco, the country holds the world’s largest conventional onshore oil field (Ghawar), as well as the largest conventional offshore field in the world (Safaniah).
Saudi Aramco boasted a massive revenue of $535.2 billion in 2022, up 49% from 2021. The state-owned oil producer also registered a profit of $161 billion the same year, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand. The company is planning to continue to invest to increase its maximum potential production capacity to 13 million b/d by 2027.
Saudi Aramco is the Largest Oil Company by Production in the World.
1. Venezuela
Total Proven Oil Reserves in 2022: 303.221 billion barrels
Although Venezuela is the country where the world’s largest proven oil reserves are located, its government hasn’t been able to fully capitalize on its oil wealth, mainly because of the sanctions from the U.S., an ongoing economic crisis, and mismanagement. Moreover, most of Venezuela’s oil is offshore or far underground and is considered to be dense, so extracting it with the currently available technologies is not financially viable.
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