Top 10 Countries with the highest Proven Crude Oil Reserves

Top 10 Countries with the highest Proven Crude Oil Reserves

Venezuela - Crude Oil

Venezuela – Crude Oil

Business Insider- eholodny@businessinsider.com (Elena Holodny)2015-08-13

The world powers and Iran recently struck a deal to curb Iran’s nuclear program for at least 10 years in exchange for billions of dollars in relief from international sanctions. One of the most talked-about side effects of the deal is the reentry of Iranian crude on the global markets.

Interestingly, although Iran has a huge amount of oil, the Islamic republic doesn’t even make it into the top three when it comes to proven crude oil reserves.

Using the data provided by Barclays commodities analyst Michael Cohen, we put together a list of the 10 countries sitting on the greatest amounts of crude oil. Check the list here:- 

  1. Nigeria

Proven crude oil reserves (bbl): 37.14 billion

Oil has been the dominant source of government revenues in Nigeria since the 1970s. However, the country struggled following last year’s collapse in oil prices. And now Nigeria stands to “face extra competition” from the reintroduction of Iranian oil on the markets.  Source: Barclays Research, CIA Factbook

  1. Libya

Proven crude oil reserves (bbl): 48.47 billion

Libya’s economy is almost completely dependent on energy. Sales of oil and gas plunged sharply in 2014 after huge protest disruptions at oil ports.  Source: Barclays Research, CIA Factbook

  1. Russia

Proven crude oil reserves (bbl): 80 billion

Although Moscow stands to benefit geopolitically following the Iran deal, the return of Iranian oil to the markets is bad news for them as Tehran could go after one of Russia’s European markets.

“Iran is going to be competing in Europe head-on with Russia,” Ed Morse, the head of commodities research at Citigroup, told Bloomberg .   Source: Barclays, Business Insider

  1. United Arab Emirates

Proven crude oil reserves (bbl): 97.8 billion

UAE is another energy-dependent state that modernized after the discovery of oil over 30 years ago. Following the late 2014 plunge in oil prices, UAE — one of the biggest producers in OPEC — has been producing record amounts of crude.   Source: Barclays Research, Bloomberg

  1. Kuwait

Proven crude oil reserves (bbl): 104 billion

Petroleum accounts for over half of Kuwait’s GDP, and the country plans to increase oil production to 4 million barrels a day by 2020. After the sanctions on Iran in 2012, Kuwait (along with Saudi Arabia) took most of Tehran’s “Asian trade.”   Source: Barclays Research, CIA Factbook, Bloomberg

  1. Iraq

Proven crude oil reserves (bbl): 140.3 billion

Iraq’s largely state-run economy runs on oil. Consequently, as oil prices fell in late 2014, government revenues fell by 30%.  As of 2015, Iraq, one of the biggest producers in OPEC, was pumping at record highs.  Source: Barclays Research, CIA Factbook, Bloomberg

  1. Iran

Proven crude oil reserves (bbl): 157.3 billion

Iran’s crude oil is the wild card right now. Analysts believe that the return of Iranian oil to the global market could drive prices down. Additionally, there could be increased tension between Iran and Saudi Arabia as well as Iran and Russia.   Source: Barclays Research, Business Insider

  1. Canada

Proven crude oil reserves (bbl): 173.2 billion

Canada exports most of its oil to the US and Europe. Notably, it’s the US’s largest foreign supplier of oil.

However, a recent reports shows that the oil from Canada’s oil sands is about 20% more carbon intensive on average than others. That means that, “if Canada exports more oil sands to the US over time, greenhouse gas emissions from US drivers would rise, even if gasoline consumption remained flat,” according to OilPrice.com.   Source: Barclays Research, CIA FactbookOilPrice.com

  1. Saudi Arabia

Proven crude oil reserves (bbl): 268.4 billion

Saudi Arabia was a big player in the oil game in the past year. Most recently, the Kingdom — along with the rest of OPEC — refused to cut oil prices. (Although, notably, the Saudis’rhetoric here has slightly softened.)

Additionally, Iran wants “to double crude exports soon after sanctions are lifted and is pushing other members of [OPEC] to renew the cartel’s quota system” — which could soon shake up things for the Saudis.  Source: Barclays, Business Insider, Wall Street Journal

  1. Venezuela

Proven crude oil reserves (bbl):  297.7 billion

“Venezuela remains highly dependent on oil revenues, which account for roughly 96% of export earnings, about 40% of government revenues, and 11% of GDP,” according to the CIA Factbook.

Consequently, the plunging oil prices in late 2014, combined with a recession, crushed the Venezuelan economy. And now the country is looking for allies outside of OPEC in hopes of stabilizing its oil prices.   Source: Barclays Research, CIA Factbook

Article source: http://www.msn.com/en-ca/money/markets/10-countries-sitting-on-oceans-of-oil/ar-AAdt2MM?jid=50110&rid=4&FORM=MD12PM&OCID=MD12PM&wt.mc_id=MD12PM#page=1

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Comments

  • guyaneseonline  On August 29, 2015 at 8:28 am

    Readers:
    So Venezuela is #1. Now you know why the USA is pushing to develop the Guyana oil find. Guyana may be sharing the same basin of oil with Venezuela.
    Venezuelan oil is also considered very high quality with relatively less impurities, thus easily refined into various products.

    We do live in interesting times!
    Cyril

    • albert  On August 29, 2015 at 11:13 am

      Oil is a complicated subject. Different expert groups give different set of figures. I read consistently US will become a major exporter of oil and gas. We have large gas reserves but I don’t see oil reserves listed above, unless they are using oil reserves of American owned companies abroad.
      The US is squeezing the life out of Venezuela. Their foreign debt is enormous and with the price of oil trending downwards they will be hard pressed to repay foreign loans.

    • de castro  On January 7, 2016 at 5:12 am

      Cyril
      Echo your sentiments and endorse your perception.
      The political implications are the “game changer”…..
      Am sure there will be many “law suits” to follow in the international courts of arbitration…..some lawyers will become very very rich ….oil $20 may soon be reality.
      Maybe should leave oil unexploited and negotiate interest free 0.00% WB/IMF loans.
      Cynically
      Compton

  • Clyde Duncan  On August 29, 2015 at 12:41 pm

    The amount of crude oil produced in United States is 18,450,000 (2012 est.) (2) and the amount of refined petroleum products consumed is 18,840,000 (2011 est. – in barrels per day) (1)

  • de castro  On August 29, 2015 at 4:12 pm

    Cyril
    Reminds me….did not sadamacuse KuwaGuyana’s thieving” his oil…..
    Now that drilling can be “angled” almost diagonally.

    What happened ? Saddam foolishly invaded Kuwait giving big brother
    bush excuse to invade Iraq…..with lap dog B liar (_spell check) in support
    ignoring UN.
    FUNNY HOW HISTORY REPEATS ITSELF.
    Now its MADuros turn to be “removed”…

    Let’s see how this one plays out.

    Only fools repeat history and expect different results.

    Thanks the above facts…..
    Question
    Does guyana 700B reserve include Venezuela’s 300B

    Just wondering ?😈

  • de castro  On August 29, 2015 at 4:13 pm

    Saddam did cause Kuwait of thieving his oil…..excuse for invasion!

  • Clyde Duncan  On January 4, 2016 at 5:50 pm

    In case you are wondering – like me – what the heck is going on over there in the Middle East; and wondering about all the conspiracy theories – Look, you could visit Chop-Chop Square any Friday of the year and witness this routine killing of people in Saudi Arabia – so what’s the problem? …. Check this out:

    Over the weekend, Saudi Arabia’s Sunni Muslim government beheaded a revered Shia Muslim cleric, Sheikh Nimr Baqir al-Nimr — in the process inflaming a nearly 1,400-year-old rift in Islam.

    Even by Saudi Arabia’s hard-ass standards, the criminal charges against al-Nimr were extreme — “waging war on God” and “aiding terrorists.” Al-Nimr’s supporters say all he did was lead a non-violent movement supporting Shia rights and more rights for women.

    You had to read carefully to learn the method by which al-Nimr was executed. “Nimr beheaded” has a mere 52,800 hits on Google News, mostly from foreign sources.

    “Nimr executed,” on the other hand, gets 637,000 hits, including most of the mainstream U.S. sources. Can’t have the rubes wondering how much daylight there really is between America’s wonderful Saudi “allies” and the likes of ISIS…

    So far, the strongest reaction has been in Shia-dominated Iran — where protesters attacked the Saudi embassy in Tehran. [Giving the Saudi Arabian Embassy the same attention they gave the USA Embassy in 1979] In response, Saudi Arabia and several other Sunni-ruled countries have cut diplomatic ties with Iran.

    In recent years, “the Mideast conflict has been in Libya, in Iraq, in Syria with the whole thing with ISIS,” Byron King explained.

    “A lot of that warfare and a lot those problem issues are funded, sourced and ideologically connected and fingerprinted all the way back to Saudi Arabia. This is the year that blowback is going to happen.”

    “We’re going to see a revolution in Saudi Arabia; we’re going to see war in Saudi Arabia. Let your mind run wild with that…..

    “In the past year, Saudi leadership has made mistake after mistake,” Byron King elaborated via email yesterday after al-Nimr’s execution. Their support for ISIS and flooding the world with oil and lowering the price for everyone is inviting their demise.

    “When the wheels fall off Saudi Arabia, energy prices will go up,” says Byron — getting to the investment implications.

    “People say, ‘Oh, but here in America, we have all of our own oil.’ That’s bar stool talk. We don’t have ALL of our own oil, and the oil that we do have is still subject to the global price mechanism.

    “If something bad happens in Saudi Arabia — and I’m warning that something bad will happen in Saudi Arabia this year — those prices are going to go up globally, and they’re going to push up U.S.A. prices.”

    – 5-Minute Forecast

  • Clyde Duncan  On January 4, 2016 at 5:58 pm

    Oh, one more thing – this guy, William Sampson, asked a question in this article. I believe he is about to get his answer.

    http://www.theguardian.com/commentisfree/2008/oct/14/saudiarabia-humanrights

    • De castro  On January 4, 2016 at 11:17 pm

      Hilarious (cynical) laughter…….
      Now Clyde is not only an “oil” guru ….he’s also political oil guru.
      However will agree with him on the SAUDI issue…USA allies….ex British Royal Family friends.
      The next step for SAUDI is to follow Russia or USA and become a Republic (Donald duck) president in waiting……think Hilary is more afraid of TRUMP (maverick) than BERNIE (KFC)
      Still think HILARY (broom rider) has made her deal with KFC already….keeping Republicans
      out.
      Politricks
      Now OIL “black gold” …..market forces will determine its future price.

      Only “stoking” fire…..no new fuel….(‘-‘)

      Sir kamtan lord of cherin andalucia espania by appointment of HRH QE2 UKPLC enjoying 22°C sunshine.

    • De castro  On January 4, 2016 at 11:49 pm

      Clyde
      Thanks clipping from guardian….try to avoid national daily rabble these days….followed both “leftiee and rightee” daily rabble for years…..am not only seeing trees and forrest now but the planet….not from Hubble
      but from an aliens perspective….mars Jupiter et all.
      Is Iran the Red herring or boogey man ?
      Salud

  • Clyde Duncan  On January 7, 2016 at 2:05 am

    UPDATE:
    Sic semper tyrannis is a Latin phrase meaning “thus always to tyrants”. It is a shortened version of the phrase Sic semper evello mortem tyrannis (“Thus always I bring death to tyrants”). – Google Wikipedia

    After our Monday episode titled “The End of Saudi Arabia,” a reader suggests we should have amended it with “..Can’t Come Soon Enough: Sic Semper Tyrannis.”

    “And,” the reader says, “that applies to the British tyrants who brought the tyrannical house of Saud to power in the first place, after they conquered half of the Middle East during World War I and set up puppet kingdoms in all of their new colonies, as if the Roman Empire never really fell.”

    The 5: Ah, but you need to follow that through to its logical conclusion. It’s true the British Empire controlled a quarter of the Earth in 1919… but wound up surrendering most, along with the pound’s reserve-currency status, by 1949.

    Something for Saudi Arabia’s American sponsors to think about… but they won’t.

    The 5-Minute Forecast

    • De Castro  On January 7, 2016 at 3:15 am

      Interesting perspective of historical facts. The American empire is in
      decline modus operandi today but
      which will replace it….Chinese Indian or Russian ?
      We live in volatile times.
      The Arab world is still tribal…culturally religiously economically and politically.
      As one observer noted….
      An unstable Middle East coupled
      with concerns of Korea nuclear ambitions is a recipe for disaster/uncertainty.
      2016 will certainly prove to be
      year of ‘volatility’ uncertainty.
      Remain optimistic that common sense will prevail,
      Early days.
      Kamtan

  • Clyde Duncan  On January 7, 2016 at 6:46 am

    de Castro: “The Arab world is still tribal ….” – The Republican-Tea Party is an excellent example of tribalism, pure and simple.

  • de castro  On January 7, 2016 at 7:50 am

    Partly agree…not all republicans are “tribal” …most maybe !
    Not all politicians are “stupid” most maybe.
    Not all the electorate are “political” 65%-75% vote.
    That’s why I support “compulsory voting” and “proportional representation”
    politically.
    Stereo typing and painting all individuals with same brush is not way forward.
    Nationalistic politics neither.
    Every individuals DNA is different/unique …that’s why I respect any laws that
    protect individuals from discrimination.
    25 years of my career was spent as a trade unionist defending individuals from discrimination….was sacked three times and reinstated…..rather than go to tribunal knowing it would end in my favour.
    Retired at 60 with a “golden handshake” from Royal Mail
    never worked again….as someone who has no job can have mine.

    My three pensions are paid by British Government (taxpayers) and I will
    be paying my taxes until my exit…..
    Sorry if I strayed from subject …..my convictions are strong but am always
    open to other opinions…..
    why I enjoy “writing” now….two books in pipeline
    awaiting publishing.
    One on Hookers
    Other my biography.

    Enjoy reading your input on GOL
    Salud

  • Clyde Duncan  On January 7, 2016 at 8:32 am

    de Castro: “Partly agree … not all republicans are “tribal” ….most maybe!”

    I am only following the example you set – they say everybody is good for something – even a bad example.

    • de castro  On January 7, 2016 at 11:29 am

      Yes…but only if one can afford/accommodate their mistakes.
      If not …avoid appointing voting them in. Square pegs in round holes.
      Who will you be wishing for as next CIC USA.?
      Canada now has a “liberal” PM (follow the CAD value against other major
      currencies) over next few months years ……USD which replaced pound as reserve
      currency is enjoying boom….now China is in the fray WB/IMF will their currency be
      the reserve currency. Doubt it. My thinking says it will be EURO.
      2016 will be decisive in this respect am sure.
      Suggesting that when € pars with $ it would be best time to switch.

      We shall see

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