Top 15 Countries with the Largest Oil Reserves Worldwide

Canada is one of the few developed nations with a net energy export, with oil being a strategic commodity. It also ranks as the highest per capita energy consumer, especially in winter due to its cold climate. The country heavily relies on natural gas to heat homes during long, harsh winters. Canada boasts a strong aluminum industry in provinces like Quebec and Alberta, fueled by abundant natural resources. Looking ahead, Canada cannot afford to miss out on opportunities in the Asian oil and gas markets. The oil and gas projects on Canada's Atlantic coast have the potential to integrate the country into the global oil market by leveraging existing infrastructure and its geographical proximity to Europe and India. Provincial and federal governments in Canada should support these initiatives while continuing to explore export opportunities in Asia and other international markets. In the first review of Canada's energy policies since 2015, the IEA highlighted the challenges and opportunities the country faces in meeting its carbon reduction goals as a major producer, consumer, and exporter of energy.

Oil Reserves: 170.3 billion barrels

The Minister of Oil in Iraq, Hussein al-Shahristani, announced that the country's oil reserves have now surpassed 145 billion barrels. Iraq has 66 oil fields, with 71% of its reserves located in the south, 20% in the north, and 9% in the central region. Oil exports contribute to 95% of the Iraqi government's revenue. The significant rise in reserves is enabling Iraq to push for economic growth and rebuild its outdated infrastructure, which had been stagnating for decades due to conflict and international sanctions. Iraq's current oil production is 2.4 million barrels per day, and with contracts signed last year with foreign companies to develop 10 oil fields, Iraq hopes to quintuple its production rate.

The Iraqi Ministry of Oil reported that the country has achieved its highest monthly oil export revenue in half a century, driven by soaring crude prices amid concerns over supply shortages linked to the Ukraine crisis. Iraq, the second-largest oil producer in OPEC, exported 100,563,999 barrels of oil in March, generating 11.07 billion USD, the highest revenue since 1972.

Oil Reserves: 145.02 billion barrels

Kuwait is a country in the Middle East, located on the coast of the Persian Gulf, bordered by Saudi Arabia to the south and Iraq to the west and north. The country's name is derived from Arabic, meaning "a fort built near water." With a population of nearly 3.1 million and an area of 17,818 km², Kuwait is a significant player in the global oil market.

Kuwait's Deputy Prime Minister and Minister of Oil, Mohammad Al-Faris, stated that the country has increased its crude oil production to meet the growing demand, in line with the production targets set by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. Al-Faris mentioned that Kuwait, the fourth-largest oil producer in OPEC, has raised its crude oil output to 2.81 million barrels per day. This move is part of Kuwait's commitment to OPEC+ agreements, ensuring stable oil supply to global markets.

The head of Kuwait's Ministry of Oil also warned about the limited global spare capacity due to years of underinvestment, which has contributed to volatility in oil markets at a time when stability is needed to allow producers to plan for future production increases. Al-Faris added that Kuwait supports all efforts to maintain stability in the oil market in light of recent disruptions.

Oil Reserves: 101.5 billion barrels

The UAE holds the seventh-largest crude oil reserves in the world, increasing from 4.1 billion barrels in the early 1980s to 98 billion barrels today. Among the seven emirates of the UAE, Abu Dhabi possesses the largest oil reserves with 92 billion barrels, followed by Dubai with 4 billion barrels and Sharjah with 1.5 billion barrels.

On November 22, the Supreme Petroleum Council (SPC), the policy-making body for the UAE's energy sector, announced the discovery of approximately 22 billion barrels of unconventional oil in Abu Dhabi. This new find is expected to increase the UAE's traditional oil reserves by an additional 2 billion barrels. The SPC also confirmed an increase in investment capital for the Abu Dhabi National Oil Company (ADNOC) to 448 billion dirhams (approximately 122 billion USD) from 2021 to 2025, a move that will inject 160 billion dirhams into the local economy.

The UAE now has 97.8 billion barrels of crude oil reserves, up from 4.1 billion barrels in the early 1980s. Abu Dhabi remains the largest oil reserve holder, followed by Dubai and Sharjah.

Oil Reserves: 97.8 billion barrels

Russia, or the Russian Federation, is the largest country in the world, spanning from Eastern Europe across northern Asia to the Pacific Ocean. After Russia's military invasion of Ukraine, several nations imposed sanctions on Russia, leading to an energy crisis that pushed oil prices to unprecedented levels since the 2008 financial crisis.

According to the International Energy Agency (IEA), rising oil and fuel prices boosted the revenues of Russian companies in this sector in May, despite a reduction in exports due to the sanctions imposed following Moscow's military actions in Ukraine.

On Tuesday, March 8, the US and UK announced bans on Russian oil imports. In 2021, the US imported an average of 209,000 barrels per day of crude oil and 500,000 barrels per day of other oil products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM). This accounted for 3% of the US’s total crude oil imports and 1% of the crude processed by US refineries. For Russia, these exports represented 3% of its total exports. Analysts believe the US has the capacity to implement this ban without causing significant disruption to its domestic oil market.

Oil Reserves: 80 billion barrels

Libya's Finance Minister Khalid Al-Mabrouk stated that the country's oil production is expected to reach 2 million barrels per day by the end of 2022, provided that the National Oil Corporation (NOC) receives a $1.1 billion budget for maintenance of its severely deteriorated oil facilities, which have suffered from a decade of conflict.

Speaking to the media on September 5 during the annual meeting of the Islamic Development Bank, Al-Mabrouk mentioned that Libya's oil exports had risen to about 1.2 million barrels per day, and the number could potentially increase to 1.3 million barrels per day in the near future. He also noted that Libya's oil production could reach 2 million barrels per day by 2022.

As part of OPEC+'s plan, a joint committee meeting is scheduled for November 17 to discuss proposed changes to production quotas, ahead of a ministerial meeting later in the month. There are reports that OPEC+ is considering extending the current 7.7 million barrel per day production cut by 3 to 6 months, and even potentially reducing output further, as Libya's oil industry is recovering and global oil demand remains uncertain due to the ongoing COVID-19 pandemic.

Oil Reserves: 48.36 billion barrels

On September 13, Nigeria reported that its crude oil production has dropped to its lowest level ever, losing its position as Africa's leading oil producer. According to the latest figures from the Organization of the Petroleum Exporting Countries (OPEC), Nigeria and Libya are currently the two OPEC members with the most significant decline in oil production.

Analysts believe that one of the main reasons behind Nigeria's recent sharp fall in oil output is the rising number of attacks by militant groups targeting oil exploration and production facilities in the Niger Delta. Some foreign-operated oil fields in the region have been forced to halt production or reduce output due to security instability and threats of terrorism. Nigeria's oil industry faces considerable technical and security challenges that hinder its growth. Production has stagnated below 1.55 million barrels per day (bpd), while the country’s capacity is around 2.2 million bpd. The country's oil infrastructure is facing difficulties, with ongoing conflicts and a lack of investment hampering progress.

Oil Reserves: 36.89 billion barrels

Kazakhstan is a Central Asian Muslim country, only slightly larger than four times the size of Texas (USA), bordering Russia and China. It gained independence following the collapse of the Soviet Union in 1991. With a population of approximately 16.5 million, Kazakhstan's population is fairly evenly distributed across its vast steppe. The country is rich in minerals, particularly natural gas, coal, and metal ores.

After Russia's Energy Minister Alexander Novak suggested that Russia would not increase its crude oil production, Kazakhstan's Energy Minister Serikzhan Ermentaev announced on March 18 that Kazakhstan planned to stick to its production targets once the OPEC+ agreement expired on April 1. Kazakhstan's average crude oil production in March was 1.886 million barrels per day, and the country has no plans to raise production levels. For 2020, Kazakhstan’s crude oil output is expected to reach 90 million tons, 0.5 million tons lower than in 2019.

According to the EIA, most of Kazakhstan’s crude oil exports are transported through the Caspian Pipeline Consortium (CPC) system, which passes through Russia and delivers Kazakhstani oil to the port of Novorossiysk on the Black Sea. Some Russian crude also travels through this pipeline, but it only accounts for about 10% of the total crude oil exports through the CPC.

Oil Reserves: 29 billion barrels

China's oil and petrochemical industries saw steady growth throughout 2018, reflecting strong progress due to lower operating costs and stable market demand. The total profit from these industries reached 839.38 billion yuan (around 125 billion USD), representing 12.7% of the total profit from major industrial enterprises in the country.

Inventory levels of gasoline and jet fuel in Chinese refineries continue to rise daily. Some refineries are nearing their storage capacity limits, which may lead them to reduce refining output by 15-20%. China, the largest importer of oil from the Middle East, is increasingly asserting its influence over energy resources in the region. The Middle East, South Asia, and Africa are key regions in China's Belt and Road strategy, and energy projects in the Middle East are gaining priority among investments under this initiative.

Oil Reserves: 26.02 billion barrels

The small nation located at the eastern tip of the Arabian Peninsula, jutting out into the Persian Gulf, Qatar shares the world's largest underwater gas field, North Field, with Iran. This field accounts for about 10% of the known global natural gas reserves. Oil and gas have brought tremendous wealth to Qatar, significantly boosting its influence. Over the past few decades, around 300,000 Qatari citizens have left their hard-labor lives of fishing and pearl diving behind.

Qatar withdrew from OPEC in January 2019 to focus on boosting its liquefied natural gas (LNG) production from 77 million tons to 110 million tons per year. The Gulf state admitted that it does not have significant oil reserves but is now the world's leading LNG exporter. Energy Minister Saad Sherida al-Kaabi stated that while the decision to leave OPEC was tough, it wouldn't significantly impact OPEC's production decisions or global oil prices. Qatar currently ranks 11th in OPEC for oil exports, averaging 600,000 barrels per day, or less than 2% of the organization's total output.

Oil Reserves: 25.24 billion barrels

Brazil's oil and gas sector has been performing well, driven by offshore drilling in the deep-water Presal fields in the Atlantic Ocean. Data from ANP, gathered from 32 energy companies operating in over 7,100 fields across Brazil, shows that 642 of these fields are offshore. Petrobras, the largest oil company in Latin America's largest economy, contributes 93.2% of the country's total oil production.

In September, Brazil's oil and gas production reached 4 million barrels per day. According to the National Agency of Petroleum, Natural Gas, and Biofuels (ANP), the country produced an average of 4.048 million barrels per day in September, marking a 2.04% increase from the previous month’s 3.966 million barrels per day. This set a new record for Brazil's oil output. Oil production rose by 1.99% to 3.148 million barrels per day, while natural gas production increased by 2.22% to 143.1 million cubic meters per day. The previous record for monthly production was in January 2020 with 4.041 million barrels per day. Oil production from the pre-salt layer reached 3 million barrels per day, accounting for more than 74% of the total production, with the Tupi and Buzios fields leading the way at 1.16 million barrels per day and 676,600 barrels per day, respectively.

Oil Reserves: 12.71 billion barrels

Algeria's Minister of Energy and Mines, Mohamed Arkab, announced on May 5 that the country's oil production would increase by approximately 11,000 barrels per day starting in June 2022. This decision was made during the 28th Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+. Despite some uncertainties in economic growth indicators, the supply and fundamentals of the market are considered stable. Algeria's oil production will rise from 1,013,000 barrels per day in May 2022 to around 1,024,000 barrels per day starting in June. The members of the meeting also decided to boost the total production of the group, which includes 23 countries, by an additional 432,000 barrels per day in June 2022.

Algeria's Sahara Blend oil price continued to rise, with one barrel selling for $110.74 on May 4, 2022. Sahara Blend ranks as the fifth most expensive crude oil globally, valued for its light chemical properties that make it easy to refine and cost-effective. In 2021, the national oil company Sonatrach exported oil and gas worth $34.5 billion, a 70% increase from 2020.

Oil Reserves: 12.2 billion barrels

Venezuela holds the world’s largest oil reserves, with 303.81 billion barrels of crude. However, despite this immense wealth, the country has struggled to escape the grip of an ongoing economic and humanitarian crisis. The oil industry has faced significant setbacks, particularly after the United States imposed sanctions on Venezuela's state-owned oil company, freezing $7 billion in assets and restricting transactions.

While Venezuela’s oil reserves remain the largest globally, most of its crude was historically sold to U.S. refineries. President Maduro has expressed his intention to increase oil production amidst the reduction in Russian oil exports due to U.S. sanctions, stating, “We are ready to restore production. One, two, or three million barrels – everything! Everything in the name of peace.” Venezuela’s oil production is currently at a historic low, a consequence of years of mismanagement and neglected refineries. Experts suggest it will take several years and substantial investment to fully restore the country’s oil industry.

Oil Reserves: 303.81 billion barrels

Saudi Arabia holds the second-largest oil reserves in the world, with 250.5 billion barrels. This Middle Eastern nation, along with other OPEC members, is actively implementing a production cut strategy to boost oil prices, even at the cost of losing market share.

Saudi Arabia is considered to have a significant advantage, thanks to its vast oil reserves and low production costs. The cost to produce one barrel of oil in Saudi Arabia is the third lowest in the world, at $3 per barrel, only behind Iraq and Iran. Including additional costs such as capital, taxes, and transportation, the overall production cost of Saudi Arabia’s oil industry remains the cheapest globally, at $8.98 per barrel. This low cost structure allows Saudi Arabia to remain profitable at almost any price level.

The fluctuating demand from China has been a major factor affecting oil prices this year. However, the latest shifts in oil supply will have far-reaching geopolitical and financial impacts beyond the oil market. Notably, Saudi Arabia has reclaimed its role as a leading producer with significant influence over global oil prices. Last month, the state oil giant, Saudi Aramco, reported a record profit of $39.5 billion for the first quarter, an 82% increase compared to $21.7 billion during the same period last year. In a “cash-rich” position, Saudi Arabia, along with other oil-producing nations in the region, is exploring new investment opportunities and unveiling ambitious domestic infrastructure projects.

Oil Reserves: 250.5 billion barrels

The Iranian Minister of Oil recently revealed that the country's proven crude oil reserves have increased to 208.6 billion barrels, ranking it third in the world. This surge in reserves comes from new oil field discoveries, up from the previous figure of 138 billion barrels. Minister Kazemi emphasized, "We are continuing our calculations. This data is based on a six-month report, which incorporates production information and new oil field discoveries."

Iran is the second-largest oil exporter in OPEC, holding 10% of the world’s total oil reserves. However, the country is heavily reliant on imported gasoline due to its underperforming refineries. According to Bloomberg, Iran's crude oil exports to independent refineries in China averaged 600,000 barrels per day in November, a 40% increase from October, despite ongoing trade difficulties caused by the COVID-19 pandemic. U.S. sanctions imposed under former President Donald Trump have severely restricted Iran’s ability to export its oil, though it is believed that Iran continues to export some crude oil.

Oil Reserves: 208.6 billion barrels