While the US was the first country to turn oil production into a massive industry through the efforts of John D. Rockefeller, it has not been the only one with significant stores of the material. Drilling for oil began in , in Titusville, Pennsylvania, in the US. Over time, however, much of the oil known to be in American soil has been extracted. Today, the countries with the largest known oil reserves are largely located in the Middle East, although not entirely.
Venezuela is a country with a lot of conflict, and poverty. Aging oil extraction infrastructure is dragging down annual oil production in this South American country, however. Located in the Middle East, Saudi Arabia is synonymous with oil production. But it is not the Saudis who started the craze. It may come as a surprise to see Canada as 3 on this list. Mostly known as the land of friendly people, moose, and snowy winters, Canada also has significant oil reserves in the western province of Alberta, however.
Large swathes of the boreal forest have been destroyed to make way for bitumen to be mined from massive, open pits so large they can be seen from outer space. Iran is finding itself in a bit of a sticky, or rather oily, spot. The nation has a lot of oil and recently discovered even more.
In , Iran reported finding 53 billion more barrels of crude oil in Khuzestan province to the west. We have recently upgraded our technology platform. Due to this change if you are seeing this message for the first time please make sure you reset your password using the Forgot your password Link. Here we take a look at the countries around the world with the largest proven oil reserves, with countries such as Venezuela and Saudi Arabia topping the list.
Russia and a plethora of Eastern European countries are failing to meet their targets for expanding domestic gas production, according to GlobalData. Since the emergence of oil industry in mid-nineteenth century, the energy source has offered a bountiful supply of power, triggered wars and reshaped geopolitics with various countries competing to control the largest-known reserves.
It has been used as fuel for transport, to generate electricity to light homes, run factories and machines, as a raw material for fertiliser and an ingredient to produce plastics used all over the world.
Venezuela has the largest oil reserves of any country in the world, with more than billion barrels of proven reserves. That is a However, the development of these huge reserves has taken a backseat due to political unrest and economic sanctions over the past few years. As of the end of , Saudi Arabia holds just under billion barrels of oil — a With proven oil reserves of just under billion barrels, Canada stands in third position with a 9.
The province also holds a considerable amount of its conventional oil resources. Canada is a net exporter of crude oil, with most of its sales heading to the US, to which it is the the largest foreign supplier.
In , it exported 3. The Countries With the Largest Proven Oil Reserves Oil is a natural resource formed by the decay of organic matter over millions of years, and like many other natural resources, it can only be extracted from reserves where it already exists. Proven Oil Reserves, by Country At the end of , the world had 1. Oil Reserves vs. Oil Production A country with large amounts of reserves does not always translate to strong production numbers for petroleum, oil, and by-products.
Oil Sands Contributing to Growing Reserves Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. Please enable JavaScript in your browser to complete this form. Sign up. Related Topics: canada opec oil sands annual oil production natural resources venezuela saudi arabia barrel of oil global economy Oil Reserves.
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