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If you are interested in the oil industry, you might want to know which countries have the best petroleum reserves and production in 2023. Petroleum is a liquid mixture of hydrocarbons that can be extracted and refined into various products, such as gasoline, diesel, jet fuel, and lubricants. Petroleum is one of the most important sources of energy in the world, and its supply and demand affect the global economy and geopolitics.
According to the U.S. Energy Information Administration (EIA), the world’s total proven oil reserves at the end of 2022 were estimated at 1.7 trillion barrels, which is enough to last for about 43 years at the current production rate. However, this estimate does not account for potential discoveries, technological improvements, or changes in prices and policies that could affect the availability and accessibility of oil resources.
The EIA also reports that the world’s total oil production in 2022 averaged 80.6 million barrels per day (bpd), which is slightly lower than the pre-pandemic level of 81.8 million bpd in 2019. The COVID-19 outbreak and its impact on the global economy and mobility reduced the demand for oil and caused a sharp decline in oil prices in 2020. In response, some major oil-producing countries, such as Saudi Arabia, Russia, and the United States, agreed to cut their output to stabilize the market and support prices.
In this blog post, we will look at the top 10 countries with the best petroleum reserves and production in 2023, based on the latest data from the EIA and other sources. We will also discuss some of the factors that influence their oil industry and their role in the global oil market.
**Top 10 Countries with the Best Petroleum Reserves in 2023**
According to World Population Review , here are the top 10 countries with the most proven oil reserves as of January 1, 2023:
1. Venezuela – 303.8 billion barrels
Venezuela has the largest oil reserves in the world, accounting for about 18% of the global total. Most of its oil is located in the Orinoco Belt, a vast heavy oil deposit that requires extra processing and technology to extract and refine. Venezuela’s oil industry has been severely affected by political and economic instability, US sanctions, mismanagement, corruption, and underinvestment. As a result, its oil production has plummeted from over 3 million bpd in 2010 to less than 1 million bpd in 2020.
2. Saudi Arabia- 297.5 billion barrels
Saudi Arabia has the second-largest oil reserves in the world, accounting for about 17% of the global total. Most of its oil is located in conventional fields that are easy and cheap to produce. Saudi Arabia is also the largest exporter of crude oil and petroleum products in the world, with an average of over 8 million bpd in 2020. Saudi Arabia is a leading member of OPEC (Organization of the Petroleum Exporting Countries) and OPEC+, a group of major oil-producing countries that coordinate their output policies to balance the market and influence prices.
3. Canada – 168.1 billion barrels
Canada has the third-largest oil reserves in the world, accounting for about 10% of the global total. Most of its oil is located in Alberta’s oil sands, a thick mixture of bitumen, sand, water, and clay that requires intensive extraction and upgrading methods. Canada’s oil industry has faced some challenges due to environmental concerns, pipeline constraints, regulatory uncertainty, and low prices. However, it has also benefited from technological innovations, market diversification, and government support. Canada’s oil production averaged over 4.5 million bpd in 2020.
4. Iran – 157.8 billion barrels
Iran has the fourth-largest oil reserves in the world, accounting for about 9% of the global total. Most of its oil is located in onshore fields along its western border with Iraq and offshore fields in the Persian Gulf. Iran’s oil industry has been severely affected by US sanctions that have restricted its exports and access to foreign investment and technology. Iran’s oil production averaged over 3 million bpd in 2020.
5. Iraq – 145 billion barrels
Iraq has the fifth-largest oil reserves in the world, accounting for about 8% of the global total. Most of its oil is located in southern Iraq near Basra and northern Iraq near Kirkuk. Iraq’s oil industry has been recovering from years of wars, sanctions, and infrastructure damage, but it still faces some challenges, such as political instability, security risks, corruption, and low prices. Iraq is a member of OPEC and has agreed to limit its output as part of the OPEC+ deal. Iraq’s oil production averaged over 4.5 million bpd in 2020.
6. Kuwait – 101.5 billion barrels
Kuwait has the sixth-largest oil reserves in the world, accounting for about 6% of the global total. Most of its oil is located in the Burgan field, one of the world’s largest and most productive oil fields. Kuwait is also a member of OPEC and has agreed to limit its output as part of the OPEC+ deal. Kuwait’s oil production averaged over 2.5 million bpd in 2020.
7. United Arab Emirates (UAE) – 97.8 billion barrels
The UAE has the seventh-largest oil reserves in the world, accounting for about 6% of the global total. Most of its oil is located in the Abu Dhabi emirate, which has several major fields, such as Zakum, Umm Shaif, and Lower Zakum. The UAE is also a member of OPEC and has agreed to limit its output as part of the OPEC+ deal. The UAE’s oil production averaged over 2.5 million bpd in 2020.
8. Russia – 80 billion barrels
Russia has the eighth-largest oil reserves in the world, accounting for about 5% of the global total. Most of its oil is located in western Siberia, where it has several giant fields, such as Samotlor, Priobskoye, and Surgutneftegas. Russia is one of the world’s largest oil producers and exporters, with an average of over 10 million bpd in 2020. Russia is also a member of OPEC+ and has agreed to limit its output as part of the deal.
9. Libya – 48.4 billion barrels
Libya has the ninth-largest oil reserves in the world, accounting for about 3% of the global total. Most of its oil is located in the Sirte Basin, which has several major fields, such as Sarir, Messla, and Nafoura. Libya’s oil industry has been severely affected by years of political and social unrest, security risks, and infrastructure damage. Libya’s oil production has fluctuated widely in recent years, from less than 100,000 bpd in 2020 to over 1 million bpd in 2011.
10. Nigeria – 36.9 billion barrels
Nigeria has the tenth-largest oil reserves in the world, accounting for about 2% of the global total. Most of its oil is located in the Niger Delta region, which has several major fields, such as Bonny, Brass, and Forcados. Nigeria is one of the largest oil producers in Africa and a member of OPEC. Nigeria’s oil industry has faced some challenges due to pipeline vandalism, theft, corruption, and security risks. Nigeria’s oil production averaged over 1.5 million bpd in 2020.
These top 10 countries with the best petroleum reserves have a significant impact on the global oil market and the world economy. Their oil production, exports, and prices are influenced by various factors, such as geopolitics, technology, demand, supply, regulations, and climate change. The future of the oil industry is uncertain, as the world is transitioning to cleaner and more sustainable sources of energy, such as renewable, nuclear, and hydrogen. However,