KUWAIT RANKS SEVENTH IN WORLD IN TERMS OF OIL RESERVES

  • 21/03/2022

Kuwait City: According to statistics released by the German data business Statista, Kuwait is placed seventh in the world in terms of the volume of global oil reserves, with a total of 102 billion barrels and a market share of 6%. Saudi Arabia emerged as the greatest crude oil exporter in 2020, with a 17 percent market share, but it was the second largest in terms of total global oil reserves, with 298 billion barrels. Statista tracked the most important countries in terms of the magnitude of global oil reserves. 


Only two countries held more than a third of the world's reserves. Venezuela has the most oil reserves in the world, with 304 billion barrels. However, it has not traditionally been regarded as a major exporter of this item. Other countries on the list include Canada, which has the third greatest oil reserves as of the end of 2020, with a total of 168 billion barrels, or 10% of global reserves. In the same year, the value of their oil exports was USD 48 billion, placing them sixth in the world in terms of oil export.

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