With 267.1 billion barrels of proved oil reserves, Saudi Arabia ranks second in the world, accounting for 17.2% of global oil reserves, which are expected to total 1.55 trillion barrels by the end of 2020.
Saudi reserves climbed by 0.003 percent, or 9 million barrels, during 2020, according to monitoring based on data from the Saudi Ministry of Energy and OPEC statistics.
Saudi oil reserves rank second in the world after Venezuela, which owns 19.6% of the world’s reserves, according to data compiled by the Saudi newspaper, Al-Eqtisadiah.
oil reserves in the world rose during 2020 by 0.2% (2.63 billion barrels), due to the rise in UAE reserves by two billion barrels.
The largest reserves in the world
With proved oil reserves of 208.6 billion barrels, Iran ranked third behind Venezuela and Saudi Arabia among the top ten countries in the world in terms of proven oil reserves.
The UAE surpassed Kuwait to become the fourth in the world, with proven oil reserves of 107 billion barrels.
The data of “OPEC” depends on the reserves of conventional oil in the world and does not include shale oil, so Canada was left out of the list of countries with the most reserves, given that most of its reserves are from shale oil.