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Energy Insight: World estimated proved reserves of crude oil (DSS04)

Energy Institute; 09/07/2019

Please note this Insight is no longer being updated. You will find more recent information via our

Energy Insight - Sources of energy information - statistics and basic industry facts

In 2018, global oil reserves increased by 2.23 billion barrels to 17.25 billion barrels.

71.8% of global proved reserves were held by OPEC countries in 2018.

Venezuela still holds the largest oil reserves of 303.2 billion barrels, followed by Saudi Arabia (297.7 billion barrels), Canada (167.8 billion barrels), Iran (155.6 billion barrels), Iraq (147.2 billion barrels), Russia (106.2 billion barrels), Kuwait (101.5 billion barrels), UAE (97.8 billion barrels), United States (61.2 billion barrels) and Libya (48.4 billion barrels).

Increases in proven reserves usually follow an increase in the price of oil - the graph below shows that oil prices fell from 2011 to 2016, thus discouraging new oil exploration.

References and further reading

Source: BP Statistical Review of World Energy 2019

The Oxford Institute for Energy Studies

See our Energy Insight: Venezuelan oil for an explanation of the problems with the Venezuelan oil industry.

The Need for Strong Caveats on Proved Oil Reserves and on R?P Ratios. RW Bentley, September 2018

Note: - this datasheet will no longer be updated every year as reserve figures do not change significantly over short periods.

Energy Insight details

EI Datasheet 04.xlsx

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EI Datasheet 04.pdf!

Physical description: pdf 1p; statistical datasheet, available to logged-in EI members and subscribers

Keywords: Statistics - Oil - Reserves

Subjects: Resource use and management, Statistics, Crude oil, Natural gas, Oil and gas, Oil, Oil production, Reserves