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Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
The largest oil reserves in the world are in Venezuela, which possesses 303 billion barrels. Second is Saudi Arabia, with 267 billion barrels, and third is Iran, with 208 billion barrels. Which Countries Have The Most Powerful Economies For Their Citizens?
Amount of Oil left in the world based on proven gas reserves and current global consumption levels. World Oil reserves, production, and consumption by year and by country, imports, exports, charts and list.
Shown are the total proven reserves of oil, in tonnes. This is oil that we know with reasonable certainty can be recovered in the future under existing economic and operating conditions. Proven reserves decrease when we extract oil, and increase as new resources are discovered or become economically viable to extract.
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.
According to current estimates, 79.1% (1,241.33 billion barrels) of the world's proven crude oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.3% of the OPEC total.
Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
During the period 2014-2023, OPEC Member Countries added 71.9 billion barrels to their total proven crude oil reserves, a significant addition compared to other crude oil producers. For more information: OPEC Annual Statistical Bulletin 2024.
The Annual Statistical Bulletin (ASB) contains about 100 pages of tables, charts and graphs detailing the world's oil and gas reserves, crude oil and product output, exports, refining, tankers, plus economic and other data.
Global proved oil reserves were 1732 billion barrels at the end of 2020, down 2 billion barrels versus 2019. The global R/P ratio shows that oil reserves in 2020 accounted for over 50 years of current production. OPEC holds 70.2% of global reserves.