In 2018, there were 1.73 trillion barrels of oil in the world. That's enough to last another 50 years since the world uses 95 million barrels per day. Only proven reserves are counted in the total world reserves. This number changes only slightly every year. Oil reserves denote the amount of crude oil located in a particular region that can be recovered with current technological constraints and at a cost that is financially feasible at the current price of oil. Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. Map: The Countries With the Most Oil Reserves. There’s little doubt that renewable energy sources will play a strategic role in powering the global economy of the future.. But for now, crude oil is still the undisputed heavyweight champion of the energy world.

This is a short guide where we outline how much oil is left in the world. We look at total numbers, as well as how many years of oil supply there might be left. How Much Oil Is Left In The World? Total world proved oil reserves reached 1687.9 billion barrels at the end of 2013, sufficient to meet 53.3 years of global production – jalopnik.com The varied amounts of oil reserves in each country can also lead to an imbalance of energy imports and exports. Since the U.S. hosts only about 36.5 billion barrels of the world’s crude oil reserves and imports almost 8 million barrels per day, finding alternate forms of energy is more Proven Oil Reserves is determined through geological and engineering processes to produce an estimated value of oil stocks in the ground. Proven Oil Reserves showcases the commercially available (and theoretically recoverable) oil reserves of a given country based on its recognized reservoirs. For the purposes of the GFP ranking, oil is a However, OPEC nations continue to overshadow the world in terms of reserves, holding more than 80 per cent of the world’s proven oil reserves, according to current estimates. The estimates include crude oil plus condensate. An established standard approach for estimating reserves is applied to all fields in all countries, so reserves can be compared apple-to-apple across the world, both for OPEC and non-OPEC countries. Other public sources of global oil reserves are based on official reporting from national

According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle 

The Middle East holds around 64% of the worlds crude oil reserves, with Saudi Arabia alone accounting for nearly a quarter of all reserves worldwide. Conversely,  2 Sep 2009 The world is showing no sign of weaning itself off fossil fuels: in the 28-year span covered by the BP data below, worldwide reserves of oil fell  5 Jul 2016 The analysis of 60,000 fields worldwide, conducted over a three-year period by the Oslo-based group, shows total global oil reserves at 2.1tn  12 Jun 2019 The U.S. currently holds the title of global leader in recoverable oil resources, according to the latest annual report by Rystad Energy. 29 Nov 2017 Using 3000 Gbo as worldwide oil reserves and assuming a quite optimistic average recovery factor of 40%, the corresponding HCA is close to  30 Jan 2020 (CNN) Here's a look at crude oil reserves and production around the world. Facts. Crude oil is a form of liquid petroleum, extracted from rock 

27 Dec 2017 For example, one of the most-cited estimates comes from BP's BP prediction made on World Energy Day in 2014; based on reserve estimates 

Energy Information Administration - EIA - Official Energy Statistics from the U.S. Government Oil reserves denote the amount of crude oil located in a particular region that can be recovered with current technological constraints and at a cost that is financially feasible at the current price of oil. Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 64.5% of the OPEC total.

12 Jun 2019 The U.S. currently holds the title of global leader in recoverable oil resources, according to the latest annual report by Rystad Energy.

Slightly less than half of the world's proven reserves are located in the Middle East Fewer than 40 supergiant oil fields have been found worldwide, yet these   16 Dec 2019 Canada has the third-largest proven oil reserve in the world, most of which is in the oil sands. Proven oil reserves are reserves that are known  5 Jul 2016 On a global basis, Rystad estimates that the world has about 2,092 billion barrels of reserves, or about 70 years' worth of oil at today's production 

A map of world oil reserves according to OPEC, January 2014. This is a list of countries by proven oil reserves. Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known

22 May 2019 The United States has 50 billion barrels of proven oil reserves, more than all but eight other countries worldwide and equal to 2.9% of the  In 2018, there were 1.73 trillion barrels of oil in the world. That's enough to last another 50 years since the world uses 95 million barrels per day. Only proven  According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle  8 Jan 2019 The World's Largest Oil Reserves By Country. Proven oil reserves are those that have a reasonable certainty of being recoverable under existing  27 Feb 2020 Canada has the third-largest share of oil reserves worldwide, at just under 10 percent, primarily found in oil sands, as in Venezuela. Oil reserves at the end of 2018 totalled 1730 billion barrels, up 2 billion barrels with respect to 2017. The global R/P ratio shows that oil reserves in 2018  The new fields increased the world's oil supply, and by the inevitable logic of the market, more supply and less demand led to a price collapse. By the mid-1980s 

1 day ago With the world's largest crude oil producer Saudi Aramco plans to boost crude oil supplies to 12.3 million barrels per day in April, and Russia  Estimates of oil and gas reserves to be discovered in the future on a worldwide scale for land, shelf and deeper offshore (below 200 m water depth) areas differ  30 Jul 2019 Eni has released the 18th edition of the World Oil, Gas and Renewables the share of sweet light crudes, which rose above 20% worldwide. 1 Feb 2014 According to BP's Statistical Review of World Energy, global oil reserves at the end of 2012 were 1.7 trillion barrels. Given that the world