Distribution of oil resources in the world
On the national stage, oil, as an important resource and strategic reserve material, has always attracted the attention of all countries, and oil has also been the fuse of many major wars in history. Below are the top ten countries with the largest oil reserves in the world in 2018.
1. Venezuela
Proven oil reserves: 296.5 billion barrels
Proportion of global reserves: 14.35%
Daily oil production: 2.38 million barrels
Daily oil consumption: 746,000 barrels
Oil exports to the U.S. per day: 759,000 barrels
Venezuela is an important oil producer and exporter in the world. Based on its daily consumption of 746,000 barrels, its storage can be used for 775 years without considering other consumption growth factors such as exports. The oil industry is the lifeblood of its economy, which accounts for about 80 percent of Venezuela’s export revenue.
2. Saudi Arabia
Proven oil reserves: 262.6 billion barrels
Proportion of global reserves: 17.85%
Daily oil production: 10.52 million barrels
Daily oil consumption: 2.64 million barrels
Oil exports to the US: 1.47 million barrels per day
Saudi Arabia has the largest oil reserves in the world, and 90% of its economy comes from the export of petroleum fuels. It is a veritable “oil kingdom”. On the premise of not considering other consumption growth factors such as exports, its storage can be used for 273 years.

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