Crude oil is the principal source of basic energy and the primary fuel for the whole world’s economy. 30.1 percent of the world’s primary energy was accounted for by 88.6 million barrels of oil per day in 2020.
Asphalt, tar, and lubricating oils are all made from crude oil, as are many jet fuel and diesel types. When it comes to crude oil reserves, a country’s not yet mined reserves are estimated using current technology and at a financially reasonable cost to the current oil price.
There are dozens of other oil-producing nations that the United States must import extra oil from, as it is the world’s top producer and user. Although the US is the world’s biggest oil producer, the country’s accessible oil reserves rank just 9th:
These are the 10 countries having the most oil reserves, measured in billions of metric tonnes.
|Rank||Country||Reserves||% of World Total|
|8||United Arab Emirates||97.8||5.6%|
Profitability as a function of oil reserve accessibility
More than 300 billion barrels of oil are stored in Venezuela’s vast oil reserves, making it the world’s greatest oil producer. With 297.5 billion barrels of oil reserves, Saudi Arabia is the second-largest oil producer globally.
Despite the country’s abundance of natural resources, Venezuela continues to suffer economically. Saudi Arabia’s economy is twice the size of Venezuela’s, although the two countries have similar populations.
These differences may be attributed to the differing ease with which oil sources can be accessed.
Despite having the world’s largest proven oil reserves, Venezuela’s oil is either offshore or deep underground and is thus considered thick. As a result, producing Venezuela’s oil reserves using the presently available technologies would be prohibitively expensive.
However, Saudi Arabia’s oil deposits have been buried under the surface and are thus far easier to reach and more cost-effective to extract. This, in turn, increases the profitability of Saudi Arabia’s oil industry.
The following are the top 10 oil-producing nations:
- Venezuela (300.90 Bn)
- Saudi Arabia (266.50 Bn)
- Canada (169.70 Bn)
- Iran (158.40 Bn)
- Iraq (142.50 Bn)
- Kuwait (101.50 Bn)
- United Arab Emirates (97.80 Bn)
- Russia (80.00 Bn)
- Libya (48.40 Bn)
- Nigeria (37.10 Bn)
- Oil Reserves by Country 2022
- Show Sources
|Country||Oil Reserves||2022 Population|
|United Arab Emirates||97800000000||10081.7850|