Saudi Arabia is the second largest country in the world in terms of proven oil reserves with 267.1 billion barrels, with a share of 17.2% of the global oil reserves, which amount to about 1.55 trillion barrels by the end of 2020.
According to a monitoring based on data from the Saudi Ministry of Energy and OPEC data, Saudi reserves rose by 0.003%, or 9 million barrels, during 2020.
Saudi oil reserves rank second in the world after Venezuela, which owns 303.6 billion barrels, representing 19.6% of the world’s reserves, according to data compiled by the Saudi “Al-Eqtisadiah” newspaper.
Saudi Arabia’s oil reserves are equivalent to 31.1 percent of the reserves in the countries of the Middle East, which amount to 860 billion barrels, and 21.6 percent of the reserves of OPEC countries, which amount to 1.24 trillion barrels by the end of 2020.
And oil reserves in the world rose during 2020 by 0.2% (2.63 billion barrels), due to the rise in UAE reserves by two billion barrels.
The largest reserves in the world
Among the top ten countries in the world in terms of proven oil reserves, Iran came behind Venezuela and Saudi Arabia, with proven oil reserves of 208.6 billion barrels, constituting 13.5% of global reserves, then Iraq with 145 billion barrels, constituting 9.4%.
The UAE surpassed Kuwait to become the fourth in the world with proven oil reserves of 107 billion barrels, which constitutes 6.9% of the world’s 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 global reserves, then Libya with 48.4 billion barrels, representing 3.1%.
Ninthly, the United States of America came with 44.5 billion barrels, representing 2.9% of the world’s reserves, and tenth Nigeria came with proven oil reserves of 36.9 billion barrels, which constitutes 2.4% of the world’s reserves.
The data of “OPEC” 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 countries with the most reserves, given that most of its reserves are from shale oil.