15. Algeria
Total proven oil reserves in 2022: 12.2 billion barrels
Algeria imports very little energy, as its domestic consumption is met by its own oil and gas production, which is heavily subsidized. Oil production accounts for almost all of the North African country's export economy, with 60% of Algeria's total production going to exports.
Algeria's entire oil reserves are found onshore, and nearly 80% of the country's hydrocarbon production is done by the national oil company Sonatrac.
14. Brazil
Total proven oil reserves in 2022: 13.242 billion barrels
Brazil has the world's largest recoverable ultra-deep oil reserves, with 97.6% of its oil produced offshore. Although it is the largest oil producer in Latin America, the country continues to import petroleum products to meet growing domestic demand and compensate for its fuel price subsidies.
Petrobras, Brazil's state-owned oil giant, will also have to compete with importers, and its next five-year strategic plan will focus on making the country self-sufficient in gasoline and diesel production.
13. Qatar
Total proven oil reserves in 2022: 25.244 billion barrels
Qatar, one of OPEC's oldest members, withdrew from the organization in January 2019, diverting more resources and investment from oil production to natural gas and LNG infrastructure projects. According to the U.S. Energy Information Administration, Qatar's revenue from the hydrocarbon sector accounted for 81% of the country's total government revenue in 2021, up from 77% in 2020.
Qatar produced more than 1.76 million barrels of oil per day in 2022, making it one of the world's largest oil producers.
12. China
Total proven oil reserves in 2022: 27.003 billion barrels
China's state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC) has made a huge deepwater oil discovery in the Kaipingnan Oilfield in the South China Sea, with more than 100 million tonnes of proven oil equivalent.
Despite its huge oil reserves, China remained the largest buyer of Saudi oil in 2022, buying 87.49 million tonnes of crude oil for the year, equivalent to 1.75 million barrels per day. China tops the list of countries that import the most oil in the world due to strong domestic demand.
11. Kazakhstan
Total proven oil reserves in 2022: 30 billion barrels
Kazakhstan has the largest proven oil reserves in the Caspian Sea region, producing about 1.8 million b/d of crude oil and condensate in 2021. While Kazakhstan already has significant reserves, it is estimated that there are still about 60-100 billion barrels of undiscovered reserves in the region, most of which are located in the Kazakhstan part of the Caspian Sea.
Chevron Corporation (NYSE: CVX) is Kazakhstan's largest privately owned oil producer, with significant stakes in the country's two largest producing oil fields, the Tianjiz and Karachaganak fields.
10. Nigeria
Total proven oil reserves in 2022: 36.967 billion barrels
To strengthen Nigeria's energy security, the Nigerian National Petroleum Corporation (NEPC) has commenced exploration in the onshore border basin with the aim of increasing the country's proven crude oil reserves from the current level of about 37 billion barrels to 50 billion barrels.
In January, it was announced that Africa's largest refinery had finally started production in Nigeria. For a country that relies heavily on imported refined oil, the $19 billion facility is a boon and can produce 650,000 barrels of oil per day.
9. Libya
Total proven oil reserves in 2022: 48.363 billion barrels
Libya is the country with the largest oil reserves in Africa, accounting for 39% of Africa's total reserves. However, due to internal armed conflict and political instability, the country's oil production has continued to fluctuate over the past decade.
Libya is also among the cheapest gasoline countries in the world. The price of natural gas is set by the national oil company and heavily subsidized by the government. In fact, the price of gasoline in Libya is even cheaper than water.
8. United States
Total proven oil reserves in 2022: 55.251 billion barrels
The United States is the world's largest oil producer and will account for 14.7% of the world's total crude oil production by 2022. Each year, domestic oil and gas production saves an estimated $203 billion for U.S. consumers, or $2,500 per household. In addition, the oil and gas industry provides more than 12 million jobs in the United States, billions of dollars in tax revenue, and ensures energy security. Texas has more than 18.6 billion barrels of crude oil reserves, making it the largest state in the United States.
Due to the shale oil boom, the United States is ranked as one of the countries with the largest untapped oil reserves in the world.
7. Russia
Total proven oil reserves in 2022: 80 billion barrels
Although Russia has one of the world's largest oil reserves, its oil industry has recently faced a number of problems, including Western sanctions due to the invasion of Ukraine, reduced production in Western Siberian brownfields, and rising costs. High carbon intensity of the country's oil production.
6. Kuwait
Total proven oil reserves in 2022: 101.5 billion barrels
Kuwait is a major oil producer and a member of the OPEC consortium. The oil industry accounts for nearly half of the country's GDP and about 95% of export earnings. Kuwait wants to increase its oil production capacity to 4 million b/d by 2035, so it plans to prepare infrastructure for the Dura gas field, which is shared with Saudi Arabia and in which Iran claims a stake.
Kuwait has about 7% of the world's oil reserves, ranking sixth on our list of countries with the most oil reserves in the world.
5. United Arab Emirates
Total proven oil reserves in 2022: 113 billion barrels
To increase crude oil production capacity to 5 million b/d by 2027, ADNOC plans to spend $150 billion to increase upstream exploration and development. About 96% of the UAE's proven oil reserves are located in Abu Dhabi.
Although the UAE ranks among the top oil producers, COP28 hosts claim that it invests "far more" in renewable energy than oil and gas. In 2022, the UAE invested up to US$36 billion in renewable energy projects overseas, underscoring its commitment to a green future.
4. Iraq
Total proven oil reserves in 2022: 145.019 billion barrels
Iraq is OPEC's second-largest producer of crude oil after Saudi Arabia, with 17% of the Middle East's proven oil reserves and 8% of the world's total. All of Iraq's oil fields are located onshore, with most of them in the Basra region in the south of the country, in the Diyala region east of Baghdad and in the Kirkuk region in the northeast.
Mazar Mohammed Saleh, financial adviser to the Iraqi prime minister, said the market value of the country's oil, gas and other natural resources is more than $15 trillion.
3. Iran
Total proven oil reserves in 2022: 208.6 billion barrels
For Iranians, cheap gasoline is actually considered a birthright because their country is one of the top three oil-holding countries in the world. Large state subsidies have kept gas prices low, however, the government has been forced to tap into strategic reserves and import gasoline for the first time as the gap between supply (constrained by domestic refining capacity) and growing demand widens. Decade.
About 80 percent of Iran's oil production comes from aging oil fields that are facing declining pressures, resulting in an 8 to 10 percent drop in annual production.
2. Saudi Arabia
Total proven oil reserves in 2022: 267.192 billion barrels
Saudi Arabia has about 17% of the world's proven oil reserves. The country is owned and operated by Saudi Aramco and has the world's largest conventional onshore oil field (Ghawar) as well as the world's largest conventional offshore oil field (Safaniah).
Saudi Aramco's revenue in 2022 reached $535.2 billion, up 49% from 2021. In the same year, the state-owned oil producer also made a profit of $161 billion, the largest annual profit ever recorded by an oil and gas company, largely thanks to soaring energy prices and growing global demand. The company plans to continue investing to increase its maximum potential capacity to 13 million b/d by 2027.
Saudi Aramco is the world's largest oil company in terms of production.
1. Venezuela
Total proven oil reserves in 2022: 303.221 billion barrels
Although Venezuela has the largest proven oil reserves in the world, the country's government has failed to fully utilize its oil wealth due to U.S. sanctions, the ongoing economic crisis, and mismanagement. In addition, most of Venezuela's oil is offshore or far underground, which is considered very dense, making it economically not economically feasible to extract oil with currently available technologies.