Fact Box: Top 15 countries with gigantic Oil Reserves

Following sanctions over Iran on its oil-trade, oil prices have experienced volatility. Many fear that it would lead to high oil prices. However, Saudi Arabia has said that it would raise oil supply to keep the oil prices low but many doubt that the kingdom has as much oil as it claims.

As per a report by UBS, global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years.
Below are the summary of key data from the report which ranked 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves.

Note: The data in parenthesis represents the percent of global reserves and global supply.

Rank Country Oil Reserves Oil Supply Years of remaining reserves
1. Saudi Arabia 265 billion barrels (19.1%) 11.75 million Barrels daily (13.2%) 72.4 years
2. Venezuela 211 billion barrels (15.3%) 2.47 million Barrels daily (2.8%) 234.1 years
3. Iran 137 billion barrels (9.9%) 4.13 million Barrels (4.7%) 88.4 years
4. Iraq 115 billion barrels (8.3%) 2.7 million Barrels daily (3.1%) 128.1 years
5. Kuwait 102 billion barrels (7.3%) 2.75 million Barrels daily (3.1%) 110.9 years
6. UAE 98 billion barrels (7.1%) 3.23 million Barrels daily (3.6%) 94.1 years
7. Russia Federation 77 billion barrels (5.6%) 10.33 million Barrels daily (11.6%) 20.6 years
8. Libya 46 billion barrels (3.4%) 834,000 barrels (0.9%) 76.7 years
9. Kazakhstan 40 billion barrels (2.9%) 1.61 million Barrels daily (1.8%) 62.1 years
10. Nigeria 37 billion barrels (2.7%) 2.4 million Barrels daily (2.7%) 42.4 years
11. Canada 32 billion barrels (2.3%) 3.92 million Barrels daily (4.4%) 26.3 years
12. USA 31 billion barrels (2.2%) 10.59 million Barrels daily (11.9%) 11.3 years
13. Qatar 26 billion barrels (1.9%) 1.64 million Barrels daily (1.9%) 45.2 years
14. China 15 billion barrels (1.1%) 4.19 million Barrels a day (4.7%) 9.9 years
15. Brazil 14 billion barrels (1%) 2.8 million Barrels a day (3.2%) 18.3 years

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Categories: Environment Current Affairs 2017International Current Affairs 2017

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