International Principles

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The global proven oil reserves (as of 2015) is 1657,4 billion barrels. Venezuela is recognized as the country with the highest volume of proven oil reserves in the world today – 18,0% of all global volume, with over 298,4 billion barrels. It is followed by Saudi Arabia with about 268,3 billion barrels (16,2% of global reserves). The proven oil reserves in Russia are evaluated at 4,8% of the global volume – about 80,0 billion barrels, in the USA – 36,52 billion barrels (2,2% of the global volume).

Oil reserves by country (as of 2015), barrel


Oil production and consumption by countries

The world leader in oil production is Russia – 10,11 million bbl/d, followed by Saudi Arabia – 9,735 million bbl/d. US is the world leader in oil consumption – 19,0 million bbl/d, followed by China – 10,12 bbl/d.

The world proven oil reserves by 1973 were evaluated at 100 billion bbl tons (570 billion barrels). Thus, they were growing in the past together with oil consumption (within 40 years it reached 32,4 billion bbl/year from 20 billion bbl/year). However, from 1984 annual oil production exceeds the oil proven reserves.

The world oil consumption in 2015 reached 5,7 billion tons per year or 32,7 billion bbl/year.