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The high volatility of oil prices in the past decade has raised various concerns, especially from business circles, governments, to the attention of the global community. How not, the uncertain oil prices , coupled with the increasing demand for fuel, raises the question of whether there are countries with oil reserves to meet the demand in the market. For now, here are the 10 countries with the largest oil reserves in the world.
One country that still has world oil supplies is the United States. Before being lined up as an oil producing country , the US used to be a world oil importer . But since early 2016, the US has a new oil exploration technique called Fracking. Fracking is a method of drilling wells by injecting high-pressure liquid into rock formations in the earth, where large quantities of gas and oil are stored. The goal is for the gas and oil to flow more easily.
From the US perspective, this is very beneficial, because the country, which used to be the world's largest oil importer, can become self-sufficient in energy. Some US states prefer to use this Fracking technique, regardless of the various impacts that may occur on the environment.
As a result, the amount of shale oil extraction has become more than before, so the amount of oil reserves in the United States (US) has increased. Currently, the amount of US oil reserves reached 39,000 million barrels . This number is the highest since 1975. However, this amount is only a fraction of oil reserves when compared to other oil countries, such as Venezuela and Saudi Arabia.
Libya is a country with the largest oil reserves in Africa, or the 9th largest in the world, with total oil reserves of about 48,000 million barrels . As a country located in the Middle East region, this number according to some economists is a small amount of reserves. Upon further examination, it turns out that the oil supply in Libya could be much more than what is currently known .
This is because of the limited exploration of resources, as a continuation of the sanctions previously imposed on foreign oil companies in Libya. Later, when exploration can be carried out optimally, the government hopes that the amount of unexplored oil reserves can encourage more investment in Libyan territory.
Even though Russia is now known as one of the countries with the largest oil reserves in the world, who would have thought that Russia had experienced a crisis after the fall of the Soviet Union in the 1980s. Since then, both domestic demand, export opportunities, and drilling volumes have drastically decreased. The government tried desperately to overcome the crisis, until the crisis was finally overcome in 1997 when Russia's oil production volume recovered.
Today, Russia is one of the world's oil market leaders. The high production of oil makes the oil industry the main foundation for driving the Russian economy. According to estimates by some observers, Russia's oil reserves are abundant on the plains of East Siberia as well as in the Arctic Waters, with a total reserve of about 80,000 million barrels . Thus, it can be said that Russia is now the country with the eighth largest oil reserves in the world.
The United Arab Emirates (UAE) is a federation of seven emirates (territories headed by an emir). The country's largest source of income comes from petroleum. Of the total reserves of about 98 million barrels, the UAE gets most of its oil from the Zakum field, which is 66 million barrels. This makes the Zakum field the third largest oil field in the United Arab Emirates region.
To date, the UAE is the seventh largest oil producer in the world and has extensive oil reserves . Around 40% of the country's GDP has been based on oil and gas production since it was first discovered in 1958. Therefore, the UAE is considered very vulnerable and needs a serious buffer , should there ever be a shock to world oil prices. Fortunately, the United Arab Emirates' foreign exchange is now mostly obtained from the tourism and service export sector as of July 2018.
Kuwait occupies the sixth position as a country with total oil reserves of about 101,500 million barrels . Although the country's territory is small, Kuwait is able to become one of the largest oil exporters in the world. Some Kuwaiti businessmen, such as Fahad Al Rajaan, believe that the country's social and economic progress in recent years is due to the growing oil industry. Kuwait's vast oil reserves lie within the Saudi-Kuwait neutral zone, while more than 70 million barrels of Kuwaiti oil resides in the Burgan field, the world's second largest oil field.
Quoting from the Kompas daily, Kuwait plans to increase its oil production by around 85,000 barrels per day. This amount is in accordance with what OPEC agreed with oil producing countries other than OPEC, to increase its daily production to 1 million barrels per day. Kuwai Energy Minister Bakhit al-Rashidi said Kuwait's total oil production had increased by 85,000 barrels to 2.7 million barrels per day since July 2018.
Despite experiencing instability in the political situation, civil unrest and military occupation, in fact the existence of Iraq as a country with the largest oil reserves in the world is irreplaceable. Iraq's oil reserves are estimated at around 142 billion barrels , which means that it has a lot of potential in the energy sector. Even the plan, Iraq will increase the amount of its export oil production in order to increase the country's income.
According to Oil Minister Thamer Ghadhban, Iraq plans to increase its oil production and export capacity in 2019 , with a focus on oil fields in the south. As the second largest oil producer in OPEC, Iraq has set a target of oil production capacity of 5 million barrels per day in 2019, with average exports estimated at 3.8 million barrels per day.
Having nearly 160,000 million barrels of oil reserves , Iran is labeled as a country with very rich oil reserves. Although it was first produced in 1908, it turns out that Iranian oil will not be used up even for another 100 years. Unlike Saudi Arabia's oil fields which are spread over several areas, Iranian oil is found in nearly 150 hydrocarbon fields, many of which are rich in oil.
Unfortunately, Iran is currently under sanctions from President Donald Trump, so its export capacity is limited. The sanctions were given because Iran is considered "dangerous" to the US. Quoting BBC Indonesia, the US wants to stop what it calls Tehran's "evil" activities, including cyber attacks, ballistic missile tests and support for terrorist groups and militias in the Middle East. This will certainly have a major impact on Iran 's oil trade . Nevertheless, Iran and their partners are believed to still be able to find loopholes in order to establish trade relations.
Canada ranks third as the country with the largest oil reserves in the world, at 170,000 million barrels , the majority of which is in the form of oil sands deposits in the Alberta region. In addition, most of the conventionally explorable oil reserves are located there. This number then "tempted" members of the Canadian Association of Petroleum Producers (CAPP) to determine plans for the production of conventional oil sands and crude oil offshore until 2035.
According to CAPP Chairman Tim McMillan, Canada's total oil production is expected to increase to 5.6 million barrels per day by 2035. This may happen, given the increase in oil sands production to 4.2 million barrels per day from 2.65 million barrels in 2017. Going forward, CAPP members hope that this increase in Canadian oil production can continue up to 33% to 5.12 million barrels per day in 2030 later.
The kingdom of Saudi Arabia has for decades been seen as the most iconic of modern oil-producing countries. Unfortunately, Saudi Arabia is no longer the "king" in world oil trade, because its oil reserves are still at odds with Venezuel's production, which is around 266,500 million barrels .
This number makes Saudi Arabia the world's largest oil exporter, and the country with the second largest oil reserves on Earth, which has one-fifth of the world's oil reserves. Almost all the oil in Saudi Arabia is in conventional oil wells which can be easily explored. Some economists believe that Saudi Arabia could surpass Venezuela by exploring for oil deeply. For example, the US Geological Survey estimates that there are more than 100,000 million barrels undiscovered beneath the deserts of Saudi Arabia .
Venezuela listed itself as the country with the largest oil reserves beating Saudi Arabia. According to a report by the oil exporting countries (OPEC) , the country which is now led by Nicolas Maduro has reserves of 300,000 million barrels . With the amount of reserves that much, Venezuela now holds the title as the "king" of world oil, beating Saudi Arabia which previously always been in first position.
Venezuela's oil reserves are almost the same as Canada's, namely in the form of oil sands . Venezuelan oil sands have a less viscous texture than Canadian oil sands, so they can be extracted using conventional methods. This certainly gives Venezuela a considerable advantage, especially in terms of capital requirements and extraction costs.
Unfortunately, the figure of oil production in Venezuela began to decline, from initially around 2 million barrels per day to only 1.4 million per day. Allegedly the decline in oil production figures as the impact of the Venezuelan crisis .
For more information, let's take a look at the following infographic about the 10 countries with the largest oil reserves:
Apart from being predicated as countries with the largest oil reserves in the world, some of the above countries are also lined up as countries with government-owned oil companies. Because it is under government policy, it is not surprising that the company has become the world's top oil company. Approximately, how many government-owned oil companies are the Best Of The Best? Find out the answer in the article
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