#1 Venezuela One of the most troubled countries in the world, Venezuela is also the country with the world's largest oil reserves, pegged at over 300 billion barrels.
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.
Got it! According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela's 304 billion barrels of proved reserves just edges out Saudi Arabia's 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.
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.
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).
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.
Oil Reserves in Saudi Arabia
Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. This means that, without Net Exports, there would be about 221 years of oil left (at current consumption levels and excluding unproven reserves).
Oil Reserves FAQ
Venezuela is currently the country with the largest proven oil reserves in the world, with an estimated 300 billion barrels of oil.
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.
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.
Industry leader BP plc estimates that there are 1.73 trillion barrels of oil reserves globally. Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
In 1882, Standard Oil Trust created a network of Standard Oil companies throughout the country, led by a board of trustees, where Rockefeller owned over one third of the certificates. By the late 1880s, Standard Oil controlled 90% of American refineries.
Crude oil is a naturally occurring fossil fuel - meaning it comes from the remains of dead organisms. Crude oil is made up of a mixture of hydrocarbons - hydrogen and carbon atoms. It exists in liquid form in underground reservoirs in the tiny spaces within sedimentary rocks.
According to the U.S. Energy Information Administration's (EIA) International Energy Outlook 2021 (IEO2021), the global supply of crude oil, other liquid hydrocarbons, and biofuels is expected to be adequate to meet the world's demand for liquid fuels through 2050.
Without oil, cars may become a relic of the past. Streets may turn into public community centers and green spaces filled with pedestrians. Bike use might increase as more people ride to school or work. The Earth will begin to heal from over a century of human-caused climate change.
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).
Millions of years ago, algae and plants lived in shallow seas. After dying and sinking to the seafloor, the organic material mixed with other sediments and was buried. Over millions of years under high pressure and high temperature, the remains of these organisms transformed into what we know today as fossil fuels.
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.
Oil consumption in Australia 2009-2021
As of 2021, approximately 947 thousand barrels of oil were being consumed in Australia per day.
Can you make plastic without oil? Yes, it is possible to create plastic from sources other than oil. Although crude oil is the principal source of carbon for moden plastic, an array of variants are manufactured from renewable materials. Plastic made without oil is marketed as biobased plastic or bioplastics.