According to OPEC Annual Statistical Bulletin (ASB) 2020 World proven crude oil reserves stood at 1.551 trillion barrels at the end of 2019, with OPEC Member Countries holding more than 1.2 trillion barrels.
Out of the over 1.5 trillion barrels reserve in the word, OPEC countries accounts for 79.1%, this is an increase of 0.1% from the 79% accounted for by the cartel in 2018.
Middle East maintains the largest reserve and holds 54.67% (847.75 billion barrels) of the world total oil reserve as at 2019 according to OPEC report. It is followed by Latin America at 21.76% (337.37 billion barrels) of the world reserve.
Although the oil reserve in Africa has been decreasing steadily over the past four years from 128.88 billion barrels in 2016 (8.65% of the world total reserve in 2016) to 126.39 billion (8.15% of the world total reserve in 2019), Africa still hold the third largest proven oil reserve in the world.
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World proven crude oil reserves (Billion barrels)
Data source – OPEC ASB
Among OPEC countries, Venezuela still holds the largest proven oil reserve, with 303.81 billion barrels of oil, representing 24.77% of OPEC member countries. Venezuela is followed by Saudi Arabia with 258.60 billion barrels of oil, which represents 21.08% of the OPEC reserve. Saudi is followed by Iran with 208.60 bill barrels.
Nigeria’s proven oil reserve stands at 36.89 billion barrels. Nigeria oil reserve has declined for two consecutive years. The 2019 value is 560 million barrels lower than 2017 value of 37.45 billion barrels.
OPEC Members’ proven crude oil reserves (Billion barrels)
Data source – OPEC ASB
Written by;
Ifunanya Ikueze
