15 Countries Sitting On Gigantic Oceans Of Oil

williston oil man

Photo: Robert Johnson

Oil prices have experienced volatility following concerns of a supply shock in Iran.  In the long run, some political gurus warn that the risk of instability in Iraq could keep oil prices high. Saudi petroleum minister Ali Naimi has previously said that Saudi Arabia would raise oil supplies to keep prices low but many doubt that the kingdom has as much oil as it claims.

A new report from UBS shows that global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years. We put together the 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves.

Note: The data in parenthesis represents the per cent of global reserves and global supply. The years of remaining reserves are at 2010 production rate. Data from BP Statistical Review of World Energy is from 2011, EIA is from 2012 and UBS as of April 2012.

#15 Brazil

Oil reserves:
14 billion barrels (1%)

Oil supply:
2.8 million barrels a day (3.2%)

Years of remaining reserves:
18.3 years

Source: UBS

#14 China

Oil reserves:
15 billion barrels (1.1%)

Oil supply:
4.19 million barrels a day (4.7%)

Years of remaining reserves:
9.9 years

Source: UBS

#13 Qatar

Oil reserves:
26 billion barrels (1.9%)

Oil supply:
1.64 million barrels daily (1.9%)

Years of remaining reserves:
45.2 years

Source: UBS

#12 USA

Oil reserves:
31 billion barrels (2.2%)

Oil supply:
10.59 million barrels daily (11.9%)

Years of remaining reserves:
11.3 years

Source: UBS

#11 Canada

Oil reserves:
32 billion barrels (2.3%)

Oil supply:
3.92 million barrels daily (4.4%)

Years of remaining reserves:
26.3 years

Source: UBS

#10 Nigeria

Oil reserves:
37 billion barrels (2.7%)

Oil supply:
2.4 million barrels daily (2.7%)

Years of remaining reserves:
42.4 years

Source: UBS

#9 Kazakhstan

Oil reserves:
40 billion barrels (2.9%)

Oil supply:
1.61 million barrels daily (1.8%)

Years of remaining reserves:
62.1 years

Source: UBS

#8 Libya

Oil reserves:
46 billion barrels (3.4%)

Oil supply:
834,000 barrels daily (0.9%)

Years of remaining reserves:
76.7 years

Source: UBS

#7 Russian Federation

Oil reserves:
77 billion barrels (5.6%)

Oil supply:
10.33 million barrels daily (11.6%)

Years of remaining reserves:
20.6 years

Source: UBS

#6 UAE

Oil reserves:
98 billion barrels (7.1%)

Oil supply:
3.23 million barrels daily (3.6%)

Years of remaining reserves:
94.1 years

Source: UBS

#5 Kuwait

Oil reserves:
102 billion barrels (7.3%)

Oil supply:
2.75 million barrels daily (3.1%)

Years of remaining reserves:
110.9 years

Source: UBS

#4 Iraq

Oil reserves:
115 billion barrels (8.3%)

Oil supply:
2.7 million barrels daily (3.1%)

Years of remaining reserves:
128.1 years

Source: UBS

#3 Iran

Oil reserves:
137 billion barrels (9.9%)

Oil supply:
4.13 million barrels (4.7%)

Years of remaining reserves:
88.4 years

Source: UBS

#2 Venezuela

Oil reserves:
211 billion barrels (15.3%)

Oil supply:
2.47 million barrels daily (2.8%)

Years of remaining reserves:
234.1 years

Source: UBS

#1 Saudi Arabia

Oil reserves:
265 billion barrels (19.1%)

Oil supply:
11.75 million barrels daily (13.2%)

Years of remaining reserves:
72.4 years

Source: UBS

Now's here where U.S. energy is headed...

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