Proved Oil Reserves*
Rank
|
Country
|
Year-End 2010 (billion barrels)
|
Year-End 2010 share of total
|
Year-End 2010 R/P ratio**
|
Year-End 2009 (billion barrels)
|
Year-End 2008 (billion barrels)
|
Year-End 2007 (billion barrels)
|
1.
|
Saudi Arabia^
|
264.5
|
19.1%
|
72.4
|
264.6
|
264.1
|
264.2
|
2.
|
Venezuela^
|
211.2
|
15.3%
|
***
|
211.2
|
172.3
|
99.4
|
3.
|
Iran^
|
137.0
|
9.9%
|
88.4
|
137.0
|
137.6
|
138.2
|
4.
|
Iraq^
|
115.0
|
8.3%
|
***
|
115.0
|
115.0
|
115.0
|
5.
|
Kuwait^
|
101.5
|
7.3%
|
***
|
101.5
|
101.5
|
101.5
|
6.
|
United Arab Emirates^
|
97.8
|
7.1%
|
94.1
|
97.8
|
97.8
|
97.8
|
7.
|
Russia
|
77.4
|
5.6%
|
20.6
|
76.7
|
76.0
|
73.0
|
8.
|
Libya^
|
46.4
|
3.4%
|
76.7
|
46.4
|
44.3
|
43.7
|
9.
|
Kazakhstan
|
39.8
|
2.9%
|
62.1
|
39.8
|
39.8
|
39.8
|
10.
|
Nigeria^
|
37.2
|
2.7%
|
42.4
|
37.2
|
37.2
|
37.2
|
11.
|
Canada
|
32.1
|
2.3%
|
26.3
|
32.1
|
33.0
|
28.2
|
12.
|
United States
|
30.9
|
2.2%
|
11.3
|
30.9
|
28.4
|
30.5
|
13.
|
Qatar^
|
25.9
|
1.9%
|
45.2
|
25.9
|
26.8
|
27.3
|
14.
|
China
|
14.8
|
1.1%
|
9.9
|
14.8
|
14.8
|
15.5
|
15.
|
Brazil
|
14.2
|
1.0%
|
18.3
|
12.9
|
12.8
|
12.6
|
16.
|
Angola^
|
13.5
|
1.0%
|
20.0
|
13.5
|
13.5
|
13.5
|
17.
|
Algeria^
|
12.2
|
0.9%
|
18.5
|
12.2
|
12.2
|
12.2
|
18.
|
Mexico
|
11.4
|
0.8%
|
10.6
|
11.7
|
11.9
|
12.2
|
19.
|
India
|
9.0
|
0.7%
|
30.0
|
5.8
|
5.8
|
5.5
|
20.
|
Azerbaijan
|
7.0
|
0.5%
|
18.5
|
7.0
|
7.0
|
7.0
|
21.
|
Norway
|
6.7
|
0.5%
|
8.5
|
7.1
|
7.5
|
8.2
|
22.
|
Sudan
|
6.7
|
0.5%
|
37.8
|
6.7
|
6.7
|
6.7
|
23.
|
Ecuador^
|
6.2
|
0.4%
|
34.1
|
6.3
|
6.5
|
4.0
|
Total World
|
1383.2
|
100.0%
|
46.2
|
1376.6
|
1334.6
|
1253.5
| |
of which: OPEC
|
1068.4
|
77.2%
|
85.3
|
1068.6
|
1028.8
|
954.0
| |
Canadian Oil Sands+
|
143.1
|
143.1
|
143.1
|
150.5
| |||
Proved reserves (world) and oil sands
|
1526.3
|
1519.6
|
1477.7
|
1404.0
| |||
*Reserves include gas condensate and natural gas liquids (NGLs) as well as crude oil.
**Reserves-to-production (R/P) ratio – If the reserves remaining at the end of any year are divided by the production in that year, the result is the length of time that those remaining reserves would last if production were to continue at that rate.
***More than 100 years.
^OPEC member.
+'Remaining established reserves,' less reserves under 'active development.'
Notes: Proved reserves of oil – Generally taken to be those quantities that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions, according to the British Petroleum (BP). Canadian proved reserves include an official 26.5 billion barrels for oil sands 'under active development.' And Venezuelan reserves are taken from the OPEC Annual Statistical Bulletin, which noted in 2008 that the figure included 'proven reserves of the Magna Reserve Project in the Orinoco Belt, which amounted to 94,168mb,' according to the BP. In October 2010, OPEC members Iraq and Iran each hiked their reserves estimates---see my post here (D.R.). Iraq cited work by international oil companies developing 12 fields when it increased its reserves estimate to 143 billion bbl of oil from 115 billion bbl. Iran, only days later, announced that its new official oil reserve estimate had increased to 150.31 billion bbl from 137.62 billion bbl and would rise again by yearend. BP has included neither Iraq's nor Iran's updated reserves in the table – D.R. Brazil's National Petroleum Agency (ANP) said that country's offshore Libra subsalt oil discovery could hold as much as 15 billion bbl of oil, a figure that could double Brazil's oil reserves---see my post here (D.R.)
Source: BP Statistical Review of World Energy, June 2011.
(Compare BP's rankings above with OGJ rankings here. Update: According to BP Statistical Review of World Energy, June 2012, Venezuela has surpassed Saudi Arabia as the holder of the world's largest proven oil reserves---please see my post/notes/remarks -- D.R.)
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