1. Venezuela – 304 billion barrels. Venezuela has the largest oil reserves of any country in the world, with more than 300 billion barrels of proven reserves. That is a 17.5% share of the entire global resource, and in 2011 the country surpassed Saudi Arabia to top worldwide list.
Russia has the largest proved natural gas reserves in the world.
Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve. Saudi Arabia has the second-largest amount of oil reserves in the world with 297.5 billion barrels.
The South Pars/North Dome field is a natural-gas condensate field located in the Persian Gulf. It is by far the world's largest natural gas field, with ownership of the field shared between Iran and Qatar.
2. How did Russia become so significant? With its vast Siberian fields, Russia has the world's largest reserves of natural gas. It began exporting to Poland in the 1940s and laid pipelines in the 1960s to deliver fuel to and through satellite states of what was then the Soviet Union.
Conclusion: how long will fossil fuels last? It is predicted that we will run out of fossil fuels in this century. Oil can last up to 50 years, natural gas up to 53 years, and coal up to 114 years. Yet, renewable energy is not popular enough, so emptying our reserves can speed up.
Russia is the world's second largest natural gas producer. It holds the largest natural gas reserves in the world, the bulk of which are located in Siberia.
World Oil Reserves
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
China holds 25,132,122,000 barrels of proven oil reserves as of 2016, ranking 14th in the world and accounting for about 1.5% of the world's total oil reserves of 1,650,585,140,000 barrels. China has proven reserves equivalent to 5.4 times its annual consumption.
Jamnagar Refinery
The Jamnagar refinery is a private-sector crude oil refinery in Jamnagar, Gujarat, India. Reliance Industries owns it. It commissioned in July 1999 with a capacity of 668,000 barrels per day. The refinery now has a capability of 1,240,000 barrels per day, making it the largest refinery in the world.
Energy. A sudden loss of oil supplies would make it impossible to meet world energy needs. Countries have very varying stocks of natural gas which they could tap, and Johansen says such resources would be quickly depleted.
All public transport, including planes, trains and buses, would come to a grinding halt. Industry is would be hit very hard; millions would lose their jobs. Food production would also suffer on an incredible scale and hundreds of millions would starve to death as a result.
That being said, at current consumption, we have by some accounts an estimated 47 years of oil left to be extracted. That equates to somewhere in the region of 1.65 trillion barrels of proven oil reserves. Other sources up this estimate a bit, but most agree we have around 50 years left, give or take.
The Dnipro-Donetsk basin is a major oil and gas producing region accounting for 90 percent of all current Ukrainian production. The structure of hydrocarbons production in Ukraine is as follows: natural gas 89 percent, oil 7.9 percent, and gas condensate 3.1 percent.
What are the main parts of Russia's economy? Russia's gross domestic product (GDP) is mainly composed of three sectors: agriculture, industry, and service. Agriculture contributes about 5.6% to GDP, followed by industry and service, which contribute 26.6% and 67.8%, respectively.
Russia has proven reserves equivalent to 102.3 times its annual consumption. This means it has about 102 years of gas left (at current consumption levels and excluding unproven reserves).
Texas Eagle Ford Volatile Oil Zone is one of the cleanest in the world, producing just 458 kg of CO2 equivalent per barrel.
Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).
The United States and China are the top largest consumers of oil in the world, totaling 18.7 million and 15.4 million barrels per day, respectively.
Australia is a net importer of oil and imports a large proportion of its refinery feedstocks. Most of Australia's oil is produced on the North West Shelf, some distance from domestic east coast refining capacity.
Total petroleum consumption
In April 2023, petroleum consumption for Australia was 1,037 thousand barrels per day. Though Australia petroleum consumption fluctuated substantially in recent months, it tended to increase through May 2022 - April 2023 period ending at 1,037 thousand barrels per day in April 2023.
The U.S. is currently both the largest producer and the largest consumer of crude oil in the world, with highly populated countries like China and India following close behind.