What country has the most oil in the ground?

Estimated at 303 billion barrels (Bbbl) as of 2023, Venezuela is home to the largest known reserves of oil. Saudi Arabia ranks second with 267.2 Bbbl, followed by Iran at 208.6 Bbbl and Canada at 163.6 Bbbl. Together, these four countries account for more than half of global oil reserves.


What country has the most untapped oil?

Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).

Where is the most oil in the ground?

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 just over 267 billion barrels.


Does the US have the most oil underground?

OSLO, NORWAY–The United States now holds the world's largest recoverable oil reserve base–more than Saudi Arabia or Russia–thanks to the development of unconventional resource plays.

Why can't the US use its own oil?

Stringent environmental regulations have made it more difficult to build or expand refineries, pipelines, and other oil infrastructure. These regulatory challenges limit the ability of the U.S. to use all of the oil it produces domestically, contributing to the need to export excess supply.


How do Arab Countries have the largest oil reserves?



Who are the big 5 in oil?

Nearly all accounts of Big Oil include ExxonMobil, Chevron, Shell, BP, Eni and TotalEnergies. All six of these companies are vertically integrated within the industry and operate upstream, midstream, and downstream.

How many years of oil is left in America?

Oil Reserves: The U.S. holds about 1.66 trillion barrels of technically recoverable oil. Current Usage: Enough to last 227 years at the current rate of consumption. Gasoline Production: This could fuel the transportation sector for 539 years if solely used for gasoline based on 2023 usage levels.

Who has more oil, Canada or the USA?

Where are the World's Top Oil Reserves?
  • United States—13.2%
  • Russia—13.0%
  • Saudi Arabia—12.6%
  • Iraq—5.6%
  • Canada—5.2%


What state has the most untapped oil?

Oil reserves in the U.S. 2023, by state

Texas houses far more proved crude oil reserves than any other U.S. state. As of 2023, there were over 20.1 billion barrels of crude oil reserves in Texas, the largest sources being the Eagle Ford and Permian basin.

Do we have 100 years of oil left?

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).

Where is the richest oil field in the world?

Taking the crown is Saudi Arabia's Ghawar Field – the planet's largest oil field. It reigns not only in daily oil production but also in total oil reserves too, with 88-104 billion barrels. On a daily basis, this colossal oil field yields nearly four million barrels.


Who owns the oil fields in Venezuela?

Petróleos de Venezuela, S.A. (PDVSA, Spanish pronunciation: [peðeˈβesa]; English: Petroleum of Venezuela) is the state-owned oil and gas company of Venezuela.

Which country has the least oil?

Oil reserves - Country rankings

The average for 2021 based on 187 countries was 9.09 billion barrels. The highest value was in Venezuela: 303.81 billion barrels and the lowest value was in Afghanistan: 0 billion barrels.

Why is Venezuela poor with so much oil?

The US extended its sanctions to the petroleum sector. The sanctions blocked global oil exports, paralyzed the Venezuelan economy, froze Venezuelan financial assets and blocked the country's access to international payments systems.


How many years of oil does Saudi Arabia have left?

The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (4.3×10^10 m3) (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. This would correspond to more than 50 years of production at current rates.

What country owns 18% of the world's oil?

Venezuela 🇻🇪 has the largest proven oil reserves in the world, ranking first ahead of countries like Saudi Arabia 🇸🇦 and Iran 🇮🇷 . Its reserves are estimated to be around 303 to 304 billion barrels, representing about 18% of the global total.

How many years of oil is left in Canada?

Canada has proven reserves equivalent to 188.3 times its annual consumption levels. This means that, without net exports, there would be about 188 years of oil left (at current consumption levels and excluding unproven reserves).


What happens if oil hits $200 a barrel?

According to Standard Chartered's calculations, at $200 a barrel, farm prices would rise by 30% to 35% for US consumers. This is not the end of the world for Americans, as food and energy costs only make up 15% of consumer consumption. But such a price increase would be disastrous in emerging markets.

What happens when the US runs out of oil?

Oil will be replaced by alternative energy resources, such as solar energy, wind energy, tidal energy and nuclear and hydroelectric plants.

Who is the richest oil company?

Saudi Aramco is the world's largest integrated oil and gas company and its stock is not traded in the United States.
  • Saudi Arabian Oil Co. ( Saudi Aramco) Revenue (TTM): $461.56 billion2. ...
  • China Petroleum & Chemical Corp. ( SNPMF) Revenue (TTM): $405.86 billion. ...
  • PetroChina Co. Ltd. ( PCCYF)


Who makes the most money on oil?

Top 10 Oil and Gas Companies by Revenue
  • Saudi Aramco. Revenue (2024): $510 billion. ...
  • ExxonMobil. Revenue (2024): $400 billion. ...
  • Shell. Revenue (2024): $380 billion. ...
  • BP (British Petroleum) Revenue (2024): $300 billion. ...
  • Chevron. Revenue (2024): $290 billion. ...
  • TotalEnergies. Revenue (2024): $275 billion. ...
  • Gazprom. ...
  • ConocoPhillips.


What is the major oil cartel?

OPEC is a cartel of 12 major oil-exporting nations coordinating petroleum policies. Founded in 1960, OPEC sets oil prices and stabilizes oil markets. Fracking technology has reduced OPEC's control over global oil markets.