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…The world derives over a third of its total energy production from oil, more than any other source by far. As a result, the countries that control the world’s oil reserves often have disproportionate geopolitical and economic power…[and,] according to the BP Statistical Review of World Energy 2020, 14 countries make up 93.5% of the proven oil reserves globally…Here are the 14 countries with at least a 1% share of global proven oil reserves:
Oil Sands Contributing to Growing Reserves
Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. However, in 2011, Venezuela’s energy and oil ministry announced an unprecedented increase in proven oil reserves as oil sands in the Orinoco Belt territory were certified…[and is now] the number…[country in] proven oil reserves…
In 2002, Canada’s proven oil reserves jumped from 5 billion to 180 billion barrels based on new oil sands estimates…[and now] accounts for almost 10% of the world’s proven oil reserves at 170 billion barrels, with an estimated 166.3 billion located in Alberta’s oil sands, and the rest found in conventional, offshore, and tight oil formations.
Large Reserves in OPEC Nations
The majority of countries with the largest oil reserves in the world are the 14 members of OPEC…[and they hold] nearly 70% of crude oil reserves worldwide.
Regional Shifts
…In the past three decades the Middle East share of global oil reserves has dropped, from over 60% in 1992 to about 48% in 2019…[as a result of] constant oil production and greater reserves discovered in the Americas. By 2012, Central and South America’s share had more than doubled and has remained just under 20% in the years since.
Conclusion
…As the world shifts away from oil consumption and towards green energy and electrification, these reserves might not matter as much in the future as they once did.
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