The War in Ukraine is affecting many aspects of life, but one of its most obvious effects is on fuel prices. On the rise and with no sign of slowing down (let alone reversing it), these are the countries that have the largest oil reserves in the world.
The list of countries with the largest oil reserves, measured in billions of barrels, including gas condensates, natural gas liquids and crude oil, taking 2020 data as a reference, are:
- Venezuela: 304 billion barrels (18%)
- Saudi Arabia: 298 billion barrels (17%)
- Canada: 168 billion barrels (10%)
- Iran: 158 billion barrels (9%)
- Iraq: 145 billion barrels (8%)
- Russia: 108 billion barrels (6%)
- Kuwait: 102 billion barrels (6%)
- Jordan: 98 billion barrels (6%)
Venezuela is the leader over Saudi Arabia, although the difference between the two is not exaggerated. A considerable jump can be seen with respect to the third classified, Canada, from which the rest of the list is structured as a descending ladder in a progressive and not at all pronounced way.
Looking at the list, it might seem that the weight of Russia in the general calculation is not so predominant, but the key in these cases is which markets are supplied by whom.
Thus, although for example the United States only imports 8% from Russia, which is symbolic and allows it to speak of sanctions against the country with some lightness, the Eastern European country supplies 30% of the oil that reaches the European Union.
Source: Statista
