![]() Angola's oil revenues have also been a source of controversy, with vast sums of money going unaccounted for from the coffers of the Group Sonangol, which had controlled oil production in the country until 2019. Crude oil is its largest export, accounting for more than two thirds of Angola's foreign exchange earnings. The Republic of Angola is an African country with a $213 billion GDP. Oil Reserves as of 2021: 7.78 billion barrels Its daily production was 550,000 barrels and its liquids supply is estimated to sit at 800,000 barrels per day next year. ![]() Azerbaijan's oil reserves stood at 7 billion barrels in 2021 - a figure that was last updated in 2003 and is also corroborated by both the OPEC and BP's oil reserve estimates. While it is not a member of the Organization of Petroleum Exporting Countries (OPEC) it nevertheless closely coordinates with the cartel to manage its daily oil production. The Republic of Azerbaijan is a European and Asian country with a $160 billion economy. Oil Reserves as of 2021: 7 billion barrels 20 Countries that Have the Largest Oil Reserves in the World Heading into 2023 20. For added flavor, the latest production statistics for the countries courtesy of the International Energy Agency have also been provided. We used data from the Energy Information Administration and other sources to sift out the largest countries with crude oil reserves as of 2021. Dynamics of the global oil production market are also shifting, with the Russian invasion leading to reduced sanctions on Venezuela and growing oil supplies from Iran.Ģ0 Countries that Have The Largest Oil Reserves in the World Heading into 2023 We can arrive at our own estimate by dividing the latest figure of 1,757 billion barrels of oil reserves with the global consumption estimate of 97 million barrels to project that as of now, current oil reserves are slated to last for another fifty years. Another estimate, made by BP in 2013, shares that as of 2013 end, the proven oil reserves in the world would last for only 53 years, implying that all the oil in the world could run out by 2070. The same agency believes that current oil reserves are sufficient to last until 2025 - in just 38 years from now. Yet, combined, India and China consumed 19.55 million barrels of oil, almost equaling the Americans, according to data from the Energy Information Administration (EIA). alone consuming 19.8 million barrels of oil per day in 2021 to account for 21% of the world's total. In terms of global oil consumption, the U.S., India, and China lead the pack, with the U.S. According to statistics compiled by the International Energy Agency (IEA) oil demand stood at 2.3 million tons in 1971, and had doubled to 4.6 million tons by 2019 - the last full year before the coronavirus pandemic upended global economies. With the rising economies of India and China, global oil demand has been steadily rising over the past couple of decades. What's more is that 2022 has been a controversial year for black gold as well, with the Russian invasion of Ukraine upending global oil supply chains and fears of a demand drop forcing Saudi Arabia and other OPEC countries to cut down their output - even when prices were soaring and an output drawdown could lead them going even higher.Īs ubiquitous as it is, global oil reserves are not infinite. Oil production is one of the most watched statistics in the global economy, as it is directly related to global economic output. For more countries, head on over to 5 Countries That Have the Largest Oil Reserves. ![]() In this piece, we will take a look at the 20 countries that have the largest oil reserves in the world heading into 2023. ![]()
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