Fact Box: Top 15 countries with gigantic Oil Reserves
Following sanctions over Iran on its oil-trade, oil prices have experienced volatility. Many fear that it would lead to high oil prices. However, Saudi Arabia has said that it would raise oil supply to keep the oil prices low but many doubt that the kingdom has as much oil as it claims.
As per a report by UBS, global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years.
Below are the summary of key data from the report which ranked 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves.
Note: The data in parenthesis represents the percent of global reserves and global supply.
Rank | Country | Oil Reserves | Oil Supply | Years of remaining reserves |
1. | Saudi Arabia | 265 billion barrels (19.1%) | 11.75 million Barrels daily (13.2%) | 72.4 years |
2. | Venezuela | 211 billion barrels (15.3%) | 2.47 million Barrels daily (2.8%) | 234.1 years |
3. | Iran | 137 billion barrels (9.9%) | 4.13 million Barrels (4.7%) | 88.4 years |
4. | Iraq | 115 billion barrels (8.3%) | 2.7 million Barrels daily (3.1%) | 128.1 years |
5. | Kuwait | 102 billion barrels (7.3%) | 2.75 million Barrels daily (3.1%) | 110.9 years |
6. | UAE | 98 billion barrels (7.1%) | 3.23 million Barrels daily (3.6%) | 94.1 years |
7. | Russia Federation | 77 billion barrels (5.6%) | 10.33 million Barrels daily (11.6%) | 20.6 years |
8. | Libya | 46 billion barrels (3.4%) | 834,000 barrels (0.9%) | 76.7 years |
9. | Kazakhstan | 40 billion barrels (2.9%) | 1.61 million Barrels daily (1.8%) | 62.1 years |
10. | Nigeria | 37 billion barrels (2.7%) | 2.4 million Barrels daily (2.7%) | 42.4 years |
11. | Canada | 32 billion barrels (2.3%) | 3.92 million Barrels daily (4.4%) | 26.3 years |
12. | USA | 31 billion barrels (2.2%) | 10.59 million Barrels daily (11.9%) | 11.3 years |
13. | Qatar | 26 billion barrels (1.9%) | 1.64 million Barrels daily (1.9%) | 45.2 years |
14. | China | 15 billion barrels (1.1%) | 4.19 million Barrels a day (4.7%) | 9.9 years |
15. | Brazil | 14 billion barrels (1%) | 2.8 million Barrels a day (3.2%) | 18.3 years |
Month: Current Affairs - May, 2013
Category: International / World Current Affairs