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.
Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
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).
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.
By the late 1880s, Standard Oil controlled 90% of American refineries.
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).
The world's largest oil field, Saudi Arabia's Ghawar Field, for instance, produces around 4 million barrels of oil per day, accounting for well over 1/3 of Saudi Arabia's total production.
Lightest, Low-Sulfur, Low Tan Crude Oil Deposits in the World. The best crude oil in the world is found in Malaysia. “Tapis, the Malaysian crude benchmark traded in Singapore, has for a long time held the title of the world's most expensive grade.
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.
John Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American business magnate and philanthropist. He has been widely considered the wealthiest American of all time and the richest person in modern history.
Saudi Arabia is the top country by exports of crude oil in the world. As of March 2023, exports of crude oil in Saudi Arabia was 7,523 thousand barrels per day.
For decades, GCC countries have been concerned about the long-term viability of their hydrocarbon revenues. In the long run, oil and gas reserves will deplete. Bahrain and Oman are the most vulnerable, with reserves expected to run out within the next decade for Bahrain and within the next 25 years for Oman.
The African continent is home to five of the top 30 oil-producing countries in the world.
Countries contribution to total fossil fuel production
Nowadays, fossil fuels are the world's dominant energy source, accounting for around 82% of the global energy supply. The USA is the biggest overall producer, producing just under 20% of all global fossil fuels, followed by Russia and Iran.
Besides oil, minerals like iron, copper, bauxite, gold etc. deep are found inside the earth.
The Ghawar oil field is thus the largest single supplier of primary energy on planet earth.
Oil and gas wells can range in depth from a few hundred feet to more than 20,000 feet. In some parts of the world, wells go as deep as 30,000 feet, Zdarko says. Ranging from 1,000 to 2,500 feet deep, Aera's San Joaquin Valley wells are considered shallow.
Australia has proven reserves equivalent to 2.9 times its annual consumption. This means that, without imports, there would be about 3 years of oil left (at current consumption levels and excluding unproven reserves).
In the United States, life would be difficult without oil, as the country is dependent on it for driving, some medications, and many products. Electrical plants rely on gas-powered vehicles for supplying materials, so electricity could be severely limited as well.
“COVID 19 did it in two months.” The Rockefeller Brothers Fund investment portfolio is now 99 percent fossil fuel free. Coal and tar sands account for less than 0.1 percent of its $1.1 billion portfolio; oil and gas comprise another 0.9 percent and falling.