Which countries have the largest oil reserves? Proven oil reserves in countries around the world. Oil prices: expert forecasts

The 24/7 Wall Street website conducted detailed analysis 10 countries with the largest and most valuable natural resources on Earth. Using estimates of each country's total reserves and the market value of these resources, the 10 countries that have the most valuable natural resource reserves were identified.

Some of these resources, including uranium, silver, and phosphates, are not as valuable as others due to low demand or due to their rarity. However, in the case of oil, natural gas, timber, coal, these natural resources can be worth tens of trillions of dollars, because the demand for them is high and these resources are relatively abundant.

1. Russia

Total resource value: $75.7 trillion.
Oil reserves (value): 60 billion barrels ($7.08 trillion)
Reserves natural gas(value): 1.680 trillion. cubic feet ($19 trillion)
Timber reserves (value): 1.95 billion acres ($28.4 trillion)

When it comes to natural resources, Russia is the richest country in the world. It leads among all countries in the world in terms of natural gas and timber reserves. The sheer size of the country is both its blessing and its curse, as the construction of pipelines to transport gas, as well as railways transportation of wood costs incredible sums.

In addition to having such large reserves of gas and timber, Russia has the world's second largest coal deposits and third largest gold deposits. In addition, it has the second largest deposits of rare earth minerals, although they are not currently mined.

2. United States

Total resource value: $45 trillion

Natural gas reserves (value): 272.5 trillion. cube m ($3.1 trillion)
Timber reserves (value): 750 million acres ($10.9 trillion)

The United States has 31.2% of the world's proven coal reserves. They are valued at 30 trillion dollars. Today they are the most valuable reserves on earth. The country has about 750 million acres of forest land, which is worth about $11 trillion. Timber and coal together are worth approximately 89% of the total value of the country's natural resources. The US is also among the top five countries with global reserves of copper, gold and natural gas.

3. Saudi Arabia

Total resource value: $34.4 trillion
Oil reserves (value): 266.7 billion barrels ($31.5 trillion)
Natural gas reserves (value): 258.5 trillion. cubic meters ($2.9 trillion)

Saudi Arabia owns about 20% of the world's oil, the largest share of any country. All of the country's significant resources are in carbon - oil or gas. The Kingdom has the fifth largest natural gas reserves in the world. As these resources dwindle, Saudi Arabia will eventually lose its high position on this list. However, this will not happen for several decades.

Total resource value: $33.2 trillion
Oil reserves (value): 178.1 billion barrels ($21 trillion)

Timber reserves (value): 775 million acres ($11.3 trillion)

Before the discovery of oil sands deposits, Canada's total mineral reserves likely would have kept it out of this list. The oil sands added about 150 billion barrels to Canada's oil supply in 2009 and 2010. The country also produces a decent amount of phosphate, although its phosphate rock deposits are not among the top 10 in the world. In addition, Canada has the world's second largest proven uranium reserves and the third largest timber reserves.

Total resource value: $27.3 trillion.
Oil reserves (value): 136.2 billion barrels ($16.1 trillion)
Natural gas reserves (value): 991600000000000 cubic meters. m ($11.2 trillion)
Wood reserves (value): not in the top 10

Iran shares with Qatar the giant South Pars/North Dome gas field in the Persian Gulf. The country has about 16% of the world's natural gas reserves. Iran also has the third largest proven amount of oil in the world. This is more than 10% of the world's oil reserves. At the moment, the country is experiencing problems in realizing its resources due to its alienation from international markets.

Total resource value: $23 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 450 million acres ($6.5 trillion)

China's resource value is based largely on its reserves of coal and rare earth minerals. China has significant coal reserves, accounting for more than 13% of the world's total. Recently, shale gas deposits were discovered here. Once assessed, China's status as a leader in natural resources will only improve.

7. Brazil

Total resource value: $21.8 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 1.2 billion acres ($17.5 trillion)

Significant reserves of gold and uranium largely contributed to its place on this list. Brazil also owns 17% of the world's iron ore. Most Valuable natural resource, however, is wood. The country owns 12.3% of the world's timber reserves, valued at $17.45 trillion. To ensure consistency and accuracy of the study, recently discovered offshore oil reserves have not been included in this report. According to preliminary estimates, the field may contain 44 billion barrels of oil.

8. Australia

Total resource value: $19.9 trillion.
Oil reserves (value): not in the top 10
Natural gas reserves (value): not in the top 10
Timber reserves (value): 369 million acres ($5.3 trillion)

Australia's natural wealth lies in its vast quantities of timber, coal, copper and iron. The country is in the top three for total reserves of seven resources on this list. Australia has the largest reserves of gold in the world, with 14.3% of the world's reserves. It also supplies 46% of the world's uranium. In addition, the country has significant natural gas reserves offshore its northwest coast, which it shares with Indonesia.

Total resource value: $15.9 trillion. Z
Oil reserves (value): 115 billion barrels ($13.6 trillion)
Natural gas reserves (value): 111.9 trillion. cube ft ($1.3 trillion)
Wood reserves (value): not in the top 10

Iraq's greatest wealth is oil - 115 billion barrels of proven reserves. This represents almost 9% of the world's total oil. Despite being relatively easy to extract, most of these reserves remain untapped due to political differences between the central government and the Kurdistan Region over ownership of the oil. Iraq also has one of the most significant phosphate rock reserves in the world, worth more than $1.1 trillion. However, these deposits have not been fully developed.

10. Venezuela

Total resource value: $14.3 trillion.
Oil reserves (value): 99.4 billion barrels ($11.7 trillion)
Natural gas reserves (value): 170.9 cubic meters ft ($1.9 trillion)
Wood reserves (value): not in the top 10

Venezuela is one of the 10 largest resource holders in terms of iron, natural gas and oil. Natural gas reserves in this South American country rank eighth in the world and amount to 179.9 cubic meters. lbs. These reserves represent just over 2.7% of global reserves. In Venezuela, according to experts, there are 99 billion barrels of oil, which is 7.4% of the total reserves in the world.

Based on data provided by Barclays, a ranking of the 10 countries with the largest proven oil reserves was compiled.

10. Nigeria

Proven oil reserves (barrels): 37.14 billion

Oil has become the main source of government revenue since the 1970s. However, as a result of falling oil prices last year, the country found itself in a difficult economic situation.

And now, according to some experts, Nigeria will face stiff competition when Iranian oil re-enters world markets.

Currently, more than 300 oil and oil and gas fields have been discovered. The largest deposits are Bomu, Imo River, Okan, Meren, Delta South, Ekpe, Yokri, etc.

Oil production is carried out by joint ventures of the Nigerian National Petroleum Company (NNPC) and transnational corporations Shell (controls up to 52% of production), ExxonMobil, Chevron, ConocoPhillips, Eni, Total and Addax.

9. Libya

Proven oil reserves (barrels): 48.47 billion

Libya's economy is almost completely dependent on energy. Oil and gas sales fell sharply in 2014 due to protests at oil ports.

The oil and gas industries are under state control. Oil production is managed by the Libyan National Oil Company (NOC). Issues of international investment in projects are supervised by Oilinvest.

The main foreign oil companies operating in Libya are Agip-ENI (Italy), Canadian Occidental, Lasmo (UK), Lundin Oil (Sweden), Nimr Petroleum (Saudi Arabia), OMV (Austria), Pedco (South Korea), Petronas (Malaysia), Red Sea Oil Corp. (Canada), Repsol (Spain), Total (France), Veba and Wintershall (Germany).

At the same time, Libya’s oil industry has recently been seriously damaged by the activities of ISIS militants. Thus, since the beginning of February, information has been received about the blockade by Islamists of the al-Mabrouk oil field south of Sirte.

The well is being developed jointly by the French company Total and the Libyan state-owned National Oil Corporation, but its work has been suspended since mid-December due to the civil war.

8. Russia

Proven oil reserves (barrels): 80 billion

Despite the fact that Moscow did its best to achieve an agreement for Iran and the signing of such an agreement was a victory for it, analysts believe that Iran’s entry into the world oil market could become a problem for Russia, since Iranian oil will become the main competitor to Russian oil in European markets.

Ed Morse, director of global commodity market analysis at Citigroup, speaks about this in an interview with Bloomberg: “Iran will compete in Europe with Russia.”

To date, several dozen oil and gas fields have been discovered in Russia. The bulk of them are concentrated in the depths of the Arctic seas, where their development is complicated by difficult climatic conditions.

There is also the problem of delivering oil and gas to their processing sites. Development is carried out on the Sakhalin shelf, as well as on the Russian mainland, where there are quite rich oil, gas and oil and gas fields.

In mainland Russia, most oil and gas fields are concentrated in Siberia and the Far East.

7. United Arab Emirates

Proven oil reserves (barrels): 97.8 billion

The UAE is another country whose economy depends on energy. The modernization of the country's economy began more than 30 years ago, after the discovery of oil. After markets saw a sharp decline in oil at the end of 2014, the UAE, which is one of the largest players in OPEC, began producing record amounts of oil.

The predominant number of fields have been identified in Abu Dhabi: 25 oil and 4 gas and oil fields. Dubai has 3 oil, 1 gas-oil and 1 gas-condensate fields.

Sharjah has 1 oil, 1 gas and 1 gas condensate field. In Ajman - 1 gas condensate station.

The emirates of Pac al-Khaimah and Umm al-Quwain have one gas condensate field each. The largest deposits on land are Murban Bab, Murban Bu Xaca, Asab, Sahil; on the continental shelf - Umm Shaif, Zakum.

6. Kuwait

Proven oil reserves (barrels): 104 billion

Oil accounts for more than half of Kuwait's GDP, and the country plans to increase oil production to 4 million barrels per day by 2020.

After sanctions were imposed on Iran in 2012, Kuwait (along with Saudi Arabia) took almost the entire share of Tehran's “Asian trade”.

There are 1.6 thousand oil wells operating in the country. In addition to the reserves located in Kuwait, there is also the so-called Neutral Zone between Saudi Arabia and Kuwait, containing an additional 5 billion barrels. oil, half of which belongs to Kuwait.

The largest part of oil reserves (70 billion barrels) is concentrated in the Greater Burgan region, which includes the following oil structures: Burgan, Magwa and Ahmadi.

The reserves of Kuwait's major fields, such as Rawdhatein, Sabriyah and Minagish, are estimated at 5.1; 4.3; 3.3 billion barrels of oil, respectively. These fields mainly produce medium-sulfur and light oil.

The reserves of the South Magwa field, explored in 1984, are estimated by experts to be about 25 billion barrels of light oil.

5. Iraq

Proven oil reserves (barrels): 140.3 billion

Iraq's economy is state-run and the main source of income is oil. Accordingly, when oil prices began to decline sharply in 2014, government revenues fell by 30%.

As of 2015, Iraq, being one of the largest oil-producing countries, demonstrates record production levels.

At the same time, the country's economy and, in particular, the oil industry are facing great problems due to the activities of ISIS militants.

Thus, at the beginning of June 2014, militants from the group Islamic State Iraq and the Levant launched an attack on a number of cities in northern Iraq. On June 17, 2014, the Baiji oil refinery, 40 km from the capital Baghdad, one of the largest in Iraq, was attacked.

In this regard, some foreign companies, in particular, ExxonMobil and British Petroleum announced the evacuation of personnel or plans to remove employees in the event of an escalation of the situation. On June 19, government forces managed to recapture the plant.

4. Iran

Proven oil reserves (barrels): 157.3 billion

Now Iranian oil has become the main issue for discussion. Analysts believe that the return of Iranian oil to the world market could lead to a further decline in oil prices. In addition, this could lead to increased tension between Iran and Saudi Arabia, and, according to analysts, between Iran and Russia.

All known industrial oil accumulations of Iran are located in the oil and gas basin of the Persian Gulf.

Almost the entire oil sector of the Iranian economy is completely controlled by the state-owned National Iranian Oil Company (Sharkat Malli Naft Iran; National Iranian Oil Company, NIOC).

Organizationally, oil exploration, production and refining are carried out through subsidiaries, some of which allow access to private capital, including foreign capital: National Iranian South Oil Company, Central Iranian Oil Fields Company, National Iranian Central Oil Company, National Iranian Offshore Oil Company, National Iranian Drilling Company, Khazar Oil Exploration and Production Company, North Drilling Company, Iran Petro Development Company, Pars Oil and Gas Company, Petropars, etc.

However, now, in connection with the upcoming lifting of sanctions, Iran is seeking to invite as many large international oil and gas companies as possible to develop Iranian fields.

3. Canada

Proven oil reserves (barrels): 173.2 billion

Canada exports oil to the US and Europe. Overall, it is the largest foreign supplier of oil to the United States.

However, recent reports suggest that oil produced from Canada's oil sands is nearly 20% more carbon-intensive than other types of oil.

This means that “if Canada exports more oil to the United States over time, greenhouse gas emissions from American cars will rise even if gasoline consumption remains the same,” OilPrice.com notes.

Canada's oil fields (more than 95%) are located in Alberta - in the tar sands, where exploration of these lands requires large amounts of fresh water and energy costs.

2. Saudi Arabia

Proven oil reserves (barrels): 268.4 billion

Saudi Arabia was the largest player in the oil market last year.

Last November, Saudi Arabia, like other OPEC members, refused to cut oil production quotas after oil prices began to decline.

In addition, Iran wants to “double oil exports immediately after sanctions are lifted and is pushing other OPEC members to review the organization's quota system,” which could significantly impact Saudi Arabia's oil industry.

The natural conditions of the location of oil reserves make it possible to produce oil at perhaps the lowest unit costs in the world. In view of this, in this country, activities for the exploration and development of new oil resources are constantly ongoing.

Saudi Aramco, as part of a large-scale program, is successfully conducting geological exploration to find deposits oil reservoirs in the coastal area of ​​the Red Sea.

1. Venezuela

Proven oil reserves (barrels): 297.7 billion

“Venezuela remains heavily dependent on oil revenues, which account for approximately 96% of export earnings, about 40% of government revenues and 11% of GDP,” according to the CIA Factbook.

Accordingly, the decline in oil prices in 2014, as well as the recession, led to a decline in the Venezuelan economy. And now the country is looking for allies among other OPEC member countries in the hope of stabilizing oil prices.

About 20% of Venezuela's oil comes from fields in the Gulf of Maracaibo. The country's largest oil fields are Lagunillas, Bachaquero, El Furrial, Centro, Mulata, Lama.

World statistics cannot confidently answer the question “how much oil is there in the world.” Therefore, research results and expert opinion are always called into question. This is due to the fact that currently only 25 percent of the world's oil fields are being developed.

Research results show that the global reserve is significantly reduced; analytical examinations prove that the reserve is approximately 1,700 billion barrels. This share will provide humanity for only forty years.

The statistics presented in the article are current as of the end of 2016. Rating of producing countries greatest number black energy has remained virtually unchanged over the past ten years.

Three leaders controlling the largest reserves

Oil fields are often the cause of many conflict situations between countries. For example, African countries are arguing over oil-rich territory, Libya has conflicting interests with Nigeria, Cameroon with Chad, and there are more than twenty similar disputes.

Latin American states have more than eight conflicts over oil fields, and there are also controversial issues in Europe and the Middle East.

• Venezuela– produces just over three percent of the world. Experts estimate that oil in Venezuela will run out no sooner than in 120 years. The country's oil potential is more than 290 billion barrels or 17% of world reserves. However, the oil of the Latin country has its own characteristics - it is heavier and more difficult to extract. The country ranks tenth in the world in oil production.
• Saudi Arabia- the main extractor and producer of the world's oil potential. Oil reserves amount to more than 265 billion barrels(more than 15% of the world). According to expert forecasts, the oil fields in the state will currently provide the country with fuel for more than eighty years. Arabia is the largest producer and supplier of black gold.
• Canada– the share of oil reserves in the country is over 173 billion barrels(more than 10%) mainly due to hard-to-recover oil from sands. The profitability of producing such oil is approaching $90 per barrel. Canadian companies are the main suppliers of oil to America.

The potential of “black gold” in other countries

Most states spend very impressive sums, tens of billions of dollars annually, on the development of oil fields.

• Iran– produces about 4% of the world's oil resources. However, according to researchers, Iran's black gold reserves may run out in seventy years. Iran's share is more than 150 billion barrels (about 9%). Production in the country has been growing since sanctions were lifted and could grow even more in the coming years.
• Iraq. Iraq's largest field, Rumaila, accounts for the majority of the country's production. Iraq's reserves account for about 150 billion barrels, more than 8% of the world's total.
• Russian Federation– produces about 12.5% ​​of oil, having 6% of the world's proven reserves. Experts' forecasts for the availability of oil are disappointing; Russian oil from present deposits may run out within twenty-five years. One of the reasons for this period is considered to be unreasonable government policy. Despite this Russian share amounts to 89 billion barrels. However, it is worth considering that Russia still has a lot of hidden reserves - in the Arctic (according to experts, about 90 billion barrels), as well as in shale formations (about 75 billion barrels of recoverable reserves). Developing tight oil reserves requires large investments and high oil prices. The state's economy is mainly built on the export of produced gas and oil.
• Kuwait- about 6% of the world's deposits. Just like in the UAE, oil production can last for about a hundred years. Kuwait's potential is 101 billion barrels.
• United Arab Emirates– the share of the world is comparable to Kuwait - about 6%. Research shows that oil production in Arab fields can last for more than a hundred years. The country holds about 97 billion barrels. Despite the development of global tourism in this country, much of the economy is supported by energy production and resource extraction.
• United States of America– produce about 12% of oil, but own only 3%. Moreover, America's oil reserves may run out in the next ten years. The share of oil potential is 34 billion barrels of traditional oil and about 60 billion more of shale oil. America is the second country in the world in terms of consumption of natural energy resources. Moreover, its consumption accounts for more than twenty-five percent of the global level. Due to the introduction of new technologies, the country is increasing production shale oil.

Percentage distribution of world reserves confirmed by analysts and researchers in this field. The remaining countries involved in oil development and supply account for about twelve percent of the world's reserves.

The world's total reserves are approximately 1.7 trillion barrels However, actual reserves may be much larger, due to still unexplored deposits - mainly shale oil, as well as on the shelf.

Countries with relatively small oil reserves

• Libya– the share of oil potential is 3%, although forecasts state that oil production in Libyan fields can be carried out for about sixty years. Proven oil reserves are 47 billion barrels. Libya is in 4th position in gas and oil development on the African continent. The country's economy is based on oil production and exports, which accounts for more than ninety percent of the treasury.
• Nigeria– the country’s share of oil is just over two percent. Nigeria's current oil reserves will run out in 35 years. The potential is about 37 billion barrels. The country is very dependent on the export of black gold - about 80-90% of all budget revenues. The state has the largest deposits on the African continent.
• Kazakhstan– the amount of oil reserves is thirty billion barrels(1.8% of world reserves). After gaining independence, Kazakhstan began to attract global investors. At the same time, the flow of foreign investment into the state’s oil industry has increased significantly.
• Qatar. Natural raw materials in Qatar are extracted from large deposits. The oil industry's potential is more than 25 billion barrels. Reliability in the oil industry ensures the prosperity of the state. Qatar is in fourth place among countries in the ranking for supplies of dry blue fuel.
• China– produces more than 200 million tons at its fields. oil per year. Market share - 5%. Residual reserves in the depths of China 18.5 billion barrels(about 1% of the world). The most populous country has the fastest growing economy. China is the world's leading energy consumer. Every year companies increase the production of natural fuels, but still the main source of energy for China is coal.
• Algeria– the share of global potential is 0,7% (just over twelve billion barrels). A major producer and extractor, Algeria is in second position among African oil production countries. The state parliament attracts investment by reducing taxes for developers of the gas industry and fields.
• India– the share of oil potential is five and a half billion barrels. Fourth place in consumption and import of natural fuel. At the moment, the state is not able to satisfy the need for energy resources within the country. The country's priority has been to increase fuel reserves.
• Australia– 3.8 billion barrels. The continental country attracts global mining companies with its political stability and proximity to Asian countries. Inflow cash from foreign companies have a positive impact on field development. The continent is rich in uranium reserves.

Geographical distribution of oil industry reserves

According to statistics over the past ten years, the Middle and Near East have seen the largest growth. In these areas, oil reserves have increased by one and a half times.

Canada and the South of North America are in second place in the development of oil fields.

Educational information

The absurdity of the situation in Russian Federation still confounds some analysts. The country with the highest oil production has an inflated cost of gasoline and diesel fuel. However, if we take oil production per capita, Russia is far from the leading position.

In countries whose main budget depends on the oil industry, for example, the United Arab Emirates, the price of gasoline does not exceed six rubles, but per capita oil in such countries is much more than in Russia. It turns out that 60 percent of the price for gasoline consists of various fees, excises and taxes.

Oil is the world's most important source of energy, accounting for 33% of global energy consumption. It has high energy intensity and is convenient for transportation, which makes it an almost irreplaceable energy resource.

Oil is very important for the prosperity of a nation, as it provides energy for the development of the transport system and industry. It is also important for the survival of a nation as it greatly influences the country's defense capability. After all, many military vehicles use it and its processed products as fuel. Therefore, it is not surprising that oil is at the center of many political and military conflicts.

Venezuela is the most rich in oil country modern world. According to updated statistics, in 2018 its oil reserves amount to more than 297 million barrels, which is about 20% of all world oil reserves. Saudi Arabia is in 2nd place by a slight margin: its reserves account for 18% of the world's total.

The top ten countries with the largest oil reserves today include 4 Persian Gulf countries: , and , 2 representatives - and , as well as and . Russia occupies 8th position in this list.

Oil is a very common mineral resource in nature. Over the past 50 years, geologists have identified about 600 oil and gas basins. According to various estimates, the area with promising oil and gas deposits ranges from 15 to 50 million km².

The general geological estimate of the planet’s oil reserves ranges from 250 to 500 billion tons, and if we also take into account heavy oil contained in tar sands and oil shale, the value jumps to 800 billion tons.

The numbers are gigantic, but this does not mean that humanity can sleep peacefully without worrying about energy resources tomorrow. The fact is that the development of shale is very expensive and environmentally hazardous, so few people are engaged in its extraction. General geological reserves mean all the oil contained in the bowels of the earth, but most of it, with the current level of technological development, people cannot yet extract. Therefore, along with the concept of general geological reserve, the concept of explored or reliable oil reserve is widely used, i.e. the amount that can be extracted today with the current level of technical progress. And now 800 billion tons smoothly turn into 150 billion tons. It is this figure that is an indicator of reliable oil reserves in the world today. And when it comes to the oil reserves of a country or region, we mean reliable reserves.

However, it should be noted that any indicators related to the extraction of mineral resources, especially fuel, cannot be absolute and accurate.

Geological exploration work on the planet does not stop for a minute. Therefore, despite the fact that humanity increases oil production every year, its reliable reserves are also increasing.

Modern technologies make it possible to explore ever greater continental depths. But the real technological breakthrough was the possibility of developing offshore deposits. It is thanks to offshore development that some European countries, such as Norway and the UK, have become leaders in oil-producing countries. And Venezuela has become the world leader in reliable reserves, overtaking the traditional leaders - the Persian Gulf countries.

How was OPEC formed?

The main feature of the geography of world oil resources is that its main reserves are located in developing countries, and the main consumers of oil and petroleum products are highly developed countries.

The problem of shortage of oil resources worsened back in the 70s. last century. It was during these years that the highly developed countries of the world were hit by the first wave of the energy crisis. And this was due to the cessation of the supply of cheap fuel from the Middle East.

Until now, prices for energy resources from the Persian Gulf were so meager that no one would even think of engaging in large-scale exploration of new deposits anywhere else. The sheikhs of Arab countries took advantage of this fact and united to control the world black gold market.

An agreement on combining joint efforts in this direction was signed back in 1960 in the city of Baghdad, but the participating countries gained real strength only a decade later. This is how the organization of oil exporting countries came into being, known as OPEC.

The leaders in oil reserves and production at that time were Saudi Arabia, Iran, Iraq, Kuwait and, as a result, they also became the leaders of the organization. These Arab countries managed to gain a decisive position in the world oil market due to the fact that 70% of all the world's reserves of this energy resource were concentrated on their territory, and the largest oil fields were located with an initial reserve of more than 1 billion tons.

How and why oil reserves statistics change

The heyday of the world oil era occurred in the 70s and 80s. last century. It was then that large oil fields were discovered in non-OPEC countries, including the Soviet Union. This includes the development of Alaska, the Gulf of Mexico, the shelves of California and the North Sea, Western Siberia, and the Volga-Ural region.

The discovery of new deposits brought the world oil market new players. Although the newly discovered oil fields were very large, no one could still compete with the countries of the Middle East either in oil reserves or in the level of its production.

Since the late 80s. all the largest and most profitable oil fields were discovered. It was no longer possible to continue to increase raw material reserves at the expense of new deposits. And then a new trend arose: it was to achieve an increase in oil reserves through additional drilling in already existing fields.

This method was primarily used by the top five richest oil powers in the Middle East, which did not want to lose their achieved status. This included Saudi Arabia, Iran, Iraq, Kuwait and the United Arab Emirates. Thanks to the new tactics, these countries held the palm for another 20 years in terms of the number of reliable oil reserves, and at the same time as the largest producers and exporters.

But other countries, rich and not so rich, have also used the method of additional drilling, for example, Canada and Venezuela. The result was not long in coming, and by the second decade of the 21st century. The picture of the countries leading in proven reserves of black gold has changed. Having pushed Saudi Arabia to 2nd place, Venezuela has become the absolute leader in reserves. And Canada confidently took 3rd position, displacing Iran and Iraq.

Since the 90s of the last century, Saudi Arabia, having reached a level of oil reserves of 260 million barrels, continues to remain unchanged at this level. Iran and Iraq at the same time reached the level of 100 million barrels. But Canada and Venezuela have made a sharp leap upward in the last 1.5 decades. Moreover, until the beginning of the 20th century. Canada had meager reserves of approximately 10-20 million barrels.

A sharp increase occurred in 2002-2003, when the development of new deposits and the use of new technical means overnight increased the country's reserves to 175 million barrels. And Venezuela, for the same reasons, increased its own from 100 million barrels in 2010 to 297 million in 2013.

Thus, we can summarize. The richest country in oil is a very relative concept. The situation changes from decade to decade, and sometimes can change dramatically within 1-2 years. Exhaustibility of a mineral resource; discovery of new deposits; additional studies of deposits discovered earlier, but at that time considered unprofitable; Improvements in mining technologies that allow us to penetrate to new depths - all this leads to constant changes in statistics.