US leads the top 10 countries by crude reserves

The top 10 countries with the largest remaining crude and condensate reserves are the US, Saudi Arabia, Iraq, Russia, Canada, Kuwait, Iran, United Arab Emirates (UAE), Brazil and China. Unconventional oil reserves account for 9.2% (45.8bn barrels) of all remaining reserves in these 10 countries, oil sands reserves stand at 6.7% (33.3bn barrels), and heavy oil represents 4.5% (22.2bn barrels), according to market analyst GlobalData. The US holds the top spot among the 10 countries, with 91.1bn barrels expected to be economically recovered in the country. Saudi Arabia, Iraq, and Russia follow closely with 77.4bn barrels, 71.8bn barrels and 70.6bn barrels, respectively.

Shallow water developments will account for 14.1%, or 70.3bn barrels of remaining reserves. The UAE has the lowest remaining break-even oil price at $4/b for shallow water developments, while the US has the highest break-even oil price at $32/b.

Over 77.1% of the countries’ remaining reserves, or 383bn barrels, will be produced from onshore fields. The UAE is the country with the lowest remaining break-even oil price at $3/b for onshore developments, while Canada’s onshore projects have the highest break-even oil price at $31/b.

GlobalData expects that ultra-deepwater developments will be responsible for 30.3bn barrels of remaining reserves, spread between two countries. Ultra-deepwater projects in the US and Brazil have a remaining break-even oil price of $33/b and $37/b, respectively.