Top Ten Countries With Largest Oil Reserves In The World By OPEC
Oil or petroleum is the backbone of international economy as it meets the major energy demands of the world. Oil is a precious commodity and Middle East is the blessed region which holds 56% of proven oil reserves in the world. According to an estimate the world consumes 80.29 million billion barrel of oil per day. Here is the list of names of top ten countries with largest or biggest oil reserves in the world.
Saudi Arabia:- Saudi oil reserves are the largest in the world, and the country is also the world’s leading oil producer and exporter. Proven reserves are estimated to be 264 billion barrels, about one-quarter (25%) of world oil reserves. In 2008, Saudi Arabia was the 12th largest consumer of total primary energy, of which 60 percent was petroleum-based.
Venezuela:- Venezuela is the second largest oil reserver in the world. As a founding member of the OPEC, Venezuela is an important player in the global oil market. Her total oil reserves were 172 billion barrels at the end of 2009. Venezuela also consistently ranks among the top ten crude oil producers in the world.
Iran:- Today, Iran’s economy is struggling as a result of over dependence on oil sector (which provides over 85% of government revenues). Its total oil reserves are estimated of 138 billion barrels. Iran is the member of OPEC and ranks among the world’s top three holders of proven oil reserves.
Iraq:- Iraq is the world’s fourth largest oil reserver in the world having 115 billion barrels of black gold. Iraq’s energy sector is heavily based upon oil, with approximately 94 percent of its energy needs met with petroleum. According to the IMF, crude oil export revenues represented over 75% of GDP and 86% of government revenue in 2008.
Kuwait:- Kuwait has a small, relatively open economy dominated by the oil industry with 102 billion barrels of oil reserves. The bulk of this reserve is generally invested in the United States, Germany, the United Kingdom, Japan and France. Kuwait’s current oil production capacity is estimated to be 2.8 million bpd on May 12, 2008, KPC awarded a $14 billion project to construct fourth refinery to several international firms.
UAE:- the United Arab Emirates (UAE) has the sixth largest proven oil reserves in the world having 98 billion barrels, according to OPEC record. The UAE also has the sixth largest proven natural gas reserves in the world at 214 trillion cubic feel. In 2008, the U.A.E produced about 2.9 million barrels of oil per day.
Libya:- According to the oil and Gas Journal (OGJ), Libya holds close to 44 billion barrels of oil reserves, the seventh largest in the world. Although oil revenues and a small population give Libya one of the highest per capita GDPs in Africa and else where.
Nigeria:- Nigeria holds the eight largest oil reserves in the world having 37 billion barrels. According to current estimates, more than three-quarters of the world’s proven oil reserves are located in OPEC member countries and Nigeria amounting to 3.6% of the OPEC total. Nigeria is also the fifth-largest exporter of oil to the U.S. The United tate is the largest foreign investor in Nigeria. Its natural gas reserves are well over 100 trillion cubic feet.
Qatar:- Qatar’s proven oil reserves of oil are the ninth-largest in the world, exceeding 25 billion barrels (2.5% of the OPEC total). Qatar is a member of the OPEC and is a significant oil producer. Qatar is now the world’s largest producer of liquefied natural gas (LNG).
Algeria:- Algeria has the tenth-largest reserves of oil in the world with 12 billion barrels. Algeria is the second largest crude oil producer in Africa. It domestic oil consumption accounted for about 13% of total production. But the hydrocarbons sector is the backbone of the Algerian economy.