Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.
Is Saudi Arabia the highest consumer of oil?
Source: International Energy Statistics, Total oil (petroleum and other liquids) consumption, July 26, 2021.
What countries are the top producers and consumers of oil?
|Country||Million barrels per day||Share of world total|
Does Venezuela have a lot of oil?
Venezuela holds 299,953,000,000 barrels of proven oil reserves as of 2016, ranking 1st in the world and accounting for about 18.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption.
How much more oil does Saudi Arabia have?
Oil Reserves in Saudi Arabia
Saudi Arabia holds 266,578,000,000 barrels of proven oil reserves as of 2016, ranking 2nd in the world and accounting for about 16.2% of the world’s total oil reserves of 1,650,585,140,000 barrels. Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption.
Which is the richest oil country in the world?
Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves.
Proven Oil Reserves, by Country.
|Oil Reserves (billion barrels)||304|
|Share of Global Reserves||17.8%|
Why can’t Venezuela sell its oil?
Venezuela has greater oil stores than any other country. But after years of corruption, mismanagement and more recently U.S. sanctions, its oil output has dropped to a tenth of what it was two decades ago. … The country is on course, by the end of this year, to be pumping little more oil than the state of Wyoming.
Why did Venezuela fail?
Political corruption, chronic shortages of food and medicine, closure of businesses, unemployment, deterioration of productivity, authoritarianism, human rights violations, gross economic mismanagement and high dependence on oil have also contributed to the worsening crisis.
Does the US still buy oil from Venezuela?
The U.S. imported roughly 92 thousand barrels per day of petroleum from Venezuela in the first half of 2019. This was a considerable decline compared to the previous year, when 586 thousand barrels per day were imported.