KUWAIT OWNS 6.6% OF WORLD'S OIL RESERVES

  • 12/07/2022

Kuwait City: Saudi Arabia's oil reserves constituted 30.7% of the total reserves in the countries of the Middle East, which amounted to 869.6 billion barrels, and 21.5% of the reserves of the OPEC countries, which amounted to 1.242 trillion barrels by the end of 2021


. Kingdom ranked second among the largest countries in the world in terms of oil reserves Proved at 267.1 billion barrels, and a share of 17.3% of the world's oil reserves of about 1.545 trillion barrels by the end of 2021

Saudi oil reserves second rank in the world after Venezuela, which owns 303.5 billion barrels, representing 19.6% of the world's reserves.

The year 2011 will witness a decline in global oil reserves by 0.02% (2.63 billion barrels), due to a decline in Angola's reserves by about 4.7 billion barrels.

This comes despite the increase in the reserves of the Middle East by 0.5%, equivalent to 4.1 billion barrels, against the background of the increase in the reserves of the UAE by 4 billion barrels.

The reserves of the 10 largest countries in the world in terms of proven oil reserves amounted to 1.341 trillion barrels, equivalent to 86.8% of global reserves. The list included 5 Arab countries: Saudi Arabia, Iraq, UAE, Kuwait and Libya.

Iran came behind Venezuela and Saudi Arabia with proven oil reserves of 208.6 billion barrels, which constitutes 13.5% of the world's reserves, then Iraq with 145 billion barrels, which constitutes 9.4%.

The UAE surpassed Kuwait to become the fifth in the world, with proven oil reserves of 111 billion barrels in 2021, which constitutes 7.2% of global reserves, then Kuwait with 101.5 billion barrels, equivalent to 6.6%.

Russia ranked seventh with proven oil reserves of 80 billion barrels, representing 5.2% of the world's reserves, then Libya with 48.4 billion barrels, representing 3.1%.

Ninthly, the United States of America came with 38.8 billion barrels (an increase of three billion), which represents 2.5% of the world's reserves.

Tenth, Nigeria came with proven oil reserves of 37.05 billion barrels, which constitutes 2.4% of the world's reserves.

OPEC's data depends on the reserves of conventional oil in the world and does not include shale oil, so Canada was left out of the list of top countries in terms of oil reserves, given that most of its reserves are from shale oil.

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