Question: Who Owns The Most Oil In The World?

Who has the most oil in the world?

the United Statespossible and undiscovered), the United States is at the top of the list with 264 billion barrels of recoverable oil reserves, followed by Russia with 256 billion, Saudi Arabia with 212 billion, Canada with 167 billion, Iran with 143 billion, and Brazil with 120 billion (Table 1)..

Who controls the oil in the world?

OPECAs of 2019, OPEC controlled roughly 75% of the world’s total crude oil reserves and produced 42% of the world’s total crude oil output. However, the U.S. was the world’s largest oil-producing country in 2019 with more than 12 million barrels per day.

What country has the most oil 2019?

The World’s Top Oil Producers of 2019United States. The United States is the top oil-producing country in the world, with an average of 19.51 million b/d, which accounts for 19% of the world’s production. … Saudi Arabia. The Kingdom of Saudi Arabia contributes 11.81 million b/d, representing 12% of the world’s total production. … Russia. … Canada. … China.

How many years of oil is left in the world?

47 yearsThere are 1.65 trillion barrels of proven oil reserves in the world as of 2016. The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).

Where does America get its oil?

The largest sources of U.S. imported oil were: Canada (49%), Mexico (7%), Saudi Arabia (6%), Russia (6%), and Colombia (4%). According to the American Petroleum Institute, the oil and natural gas industry supports nine million U.S. jobs and makes up seven percent of the nation’s gross domestic product.

Who is the number 1 oil producing country?

List of countries by oil productionCountryOil production 2019 (bbl/day)01United States15,043,00002Saudi Arabia (OPEC)12,000,00003Russia10,800,00005Iraq (OPEC)4,451,51692 more rows

Who owns the most oil in the United States?

Drilling down into America’s largest oil producersThe Biggest Oil Producers in the U.S.Oil Production in 2017ExxonMobil (NYSE:XOM)416,000 BPDEOG Resources (NYSE:EOG)366,900 BPDConocoPhillips (NYSE:COP)343,000 BPDAnadarko Petroleum (NYSE:APC)266,000 BPD6 more rows•Aug 28, 2019

What country has the least oil?

For all intents and purposes, that amounts to no oil.Japan. > GDP rank: third largest.Germany. > GDP rank: fourth largest. … France. > GDP rank: fifth largest. … Italy. > GDP rank: eighth largest. … South Korea. > GDP rank: 13th largest. … Spain. > GDP rank: 14th largest. … Netherlands. > GDP rank: 16th largest. … Turkey. … More items…•

Will oil ever go back up?

Demand for OPEC’s crude oil is set to bounce back next year at a historically quick pace, the global coalition said in its July report published Tuesday. OPEC expects demand for its product to spike roughly 25% to 29.8 million barrels per day in 2021, bringing it slightly above levels seen in 2019.

Is the US self sufficient in oil?

Energy independence is highly concerned with oil, the source of the country’s principal transport fuels. In total energy consumption, the US was between 86% and 91% self-sufficient in 2016. In May 2011, the country became a net exporter of refined petroleum products.

Who is the biggest exporter of oil?

Saudi ArabiaCountries by RankRankCountry/RegionOil – exports (bbl/day)1Saudi Arabia10,600,0002Russia5,225,0003Iraq3,800,0004United States3,770,00069 more rows

Which country is famous for oil?

Saudi ArabiaSaudi Arabia Saudi Arabia has the world’s largest proven reserves of oil, with approximately 265 billion barrels, or about 20% of the world’s proved oil reserves.