The world holds around 1.57 trillion barrels in proved crude oil reserves as of 2023. This is excluding oil sands. Since 1960, there has been a marked increase in oil reserves, especially in the decade between 1960 and 1970. Regional distribution of oil reserves As the volume of global oil reserves grew, the regional balance of proved oil reserves also shifted. In the 1960s, more than 62 percent of proved reserves worldwide were in the Middle East. By 2023, the region still made up around 55 percent, but had lost its shares to Latin America, which benefited from oil sands discoveries in Venezuela. Venezuela’s oil boom High increases in proved oil reserves in Central and South America predominantly came from Venezuela, and impacted regional distribution worldwide. The country’s proven oil reserves drastically increased when the energy and oil ministry certified vast quantities of oil sands in the Faja del Orinoco region, known as the Orinoco Belt. In 2011, Venezuela overtook Saudi Arabia as the country with the highest share of proven oil reserves in the world.

The Middle East accounts for the greatest share of proved oil reserves of any region in the world. As of 2023, the Middle East housed some 55.5 percent of known oil reserves. In the past three decades, the Middle East’s share of global oil reserves dropped from nearly 63 percent in 1960 to less than 56 percent in 2020. This was mainly due to greater reserves discovered in the Americas and by 2023 Latin America’s share had almost tripled. The regional distribution shifts The Middle East and Latin America are home to the two countries with the highest proven oil reserves worldwide - Venezuela and Saudi Arabia. Venezuela and Saudi Arabia are also among the founding members of OPEC, an organization currently comprised of 13 countries that produce around 40 percent of total crude oil globally. In 2009, Venezuela confirmed significant oil discoveries, and in the span of just a few years, Central and South American proved oil reserves rose from 120 to around 330 billion barrels of crude oil. Venezuela announced in 2011 that its proven oil reserves had surpassed Saudi Arabia as the largest in the world. Most of these reserves are in the form of oil sands and other very heavy oil types.

Venezuela accounts for the greatest share of global oil reserves. As of 2023, 19.31 percent of all known oil reserves were found in the South American country. Saudi Arabia followed, at some 17 percent. The majority of Venezuela's oil reserves are held in the form of oil sands and other very heavy oil types that have only become accessible through technological advances made in the late 2000's and early 2010's. OPEC reserves Most of the leading oil reserves holding countries are members of OPEC, the Organization of the Petroleum Exporting Countries, founded in 1960. Now comprised of 13 member states, OPEC's share of global crude oil reserves is around 80 percent. Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding around half of the global share. Oil sands contribute to growing reserves As one of the five founding members of OPEC, Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. However, in 2011, Venezuela’s energy and oil ministry announced an unprecedented increase in proved oil reserves as oil sands in the Orinoco Belt territory were certified. As a result, South and Central America’s proven oil reserves more than doubled between 2008 and 2011.

Saudi Aramco holds more proved reserves of hydrocarbons than any other oil company in the world. As of 2023, it reported nearly 251 billion barrels worth of oil and gas reserves, which was more than ten times the amount reported by ExxonMobil.

In 2023, Norway’s oil reserves stood at 7.64 billion barrels. The country has seen an overall decline in its proved oil reserves since the 1990s when proved reserves exceeded 10 billion barrels. In line with this development, Norway’s oil production has also decreased for much of the 2000s, falling to some two million barrels per day in 2023. Norwegian shelf exploration Covering an area of 142,000 square kilometers, the North Sea is the most explored part of the Norwegian continental shelf, with Norway’s first oil discovery occurring in the Central North Sea area. Presently, there are approximately 67 fields in production here. Although North Sea reserves are depleting, an estimated 50 percent of the Norwegian shelf’s undiscovered resources are in the Barents Sea. Reliance on exports Norway is an important exporter of oil. Most of the country’s oil is exported and is a main source of revenue. 57.8 billion U.S. dollars’ worth of crude oil was exported by Norway in 2022. Apart from Russia, it is Europe's only large-scale oil supplier.

OPEC accounts for over 37 percent of the world’s total crude oil production. In 2023, OPEC's production showed a decrease of 1.5 percentage points compared to the previous year. That same year, the annual average OPEC reference basket price was 83 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. Regional distribution OPEC includes 13 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly a third of the world’s total oil production has come from the Middle East, while the share produced by Africa and South America have been declining. Overall, global oil production has increased in almost every year except during times of economic crisis. OPEC has the highest global reserves share Although combined production has fluctuated at almost the 40 percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, it was double the worldwide production share. Similar to production, this figure has also remained relatively unchanging in the last decade.

Saudi Arabia had an oil production volume of 12 million barrels per day in April 2020. However, the country planned to reduce its production to about eight million barrels per day following the COVID-19 pandemic in May and June of 2020.

Saudi oil industry

Saudi Arabia’s oil industry entails 17 percent of the world’s proven petroleum reserves. Their oil reserves increased from 35 billion metric tons in 1990 to more than 40 billion metric tons in 2019. In 2018, its oil industry accounted for about half of the country’s GDP, at approximately 987 billion Saudi riyal, and about 70 percent of its export income. Saudi Arabia’s oil reserves are the second largest in the world. Furthermore, the country is the world’s leading petroleum exporter. Being close to the Earth’s surface, petroleum in Saudi Arabia is often easier and cheaper to extract than it is in other countries throughout the world. Petroleum is managed and largely handled by Saudi Aramco, which is a state-owned company and one of the most profitable in the world. As of 2019, it was valued at more than 294 billion U.S. dollars.

Saudi economy

The economy of Saudi Arabia has a total worth of 33.5 trillion U.S. dollars, placing it in the leading 20 economies in the world, and the largest economy in the Arab world and the Middle East. Saudi Arabia is the world’s leader in petroleum exportation and contains the second largest petroleum reserve. It also had the fifth largest natural gas reserve of about six trillion cubic meters in 2019. Having those valuable resources in hand, the country is considered an energy superpower. However, its substantial dependence on these valuable natural resources, mostly the oil industry, pressured the government to launch its Saudi Vision 2030. This focuses on diversifying its resources and not being heavily dependent on the oil industry. As a result, in the first quarter of 2019, Saudi Arabia's budget accomplished its first surplus since 2014 of more than 10 billion U.S. dollars. Non-oil revenues accounted for about 38 percent of the country’s revenue in 2019, with the most revenue being from taxes on goods and services in 2020.

As of 2021, Russia held natural resources amounting to an estimated total value of 75 trillion U.S. dollars. This figure includes the value of Russia’s many valuable natural resources, which includes coal, oil, natural gas, gold, timber, and rare earth metals, among others.

Natural Resources

Natural resources can be defined as resources that occur naturally and exist independently from the actions of humans. They are commonly categorized in biotic and abiotic resources, where biotic refers to living and organic materials (such as plants), and abiotic resources to refers to non-living materials (such as minerals). Furthermore, natural resources can be divided into the categories of renewable and non-renewable. Renewable resources such as wind, sunlight, and forests are not permanently depleted when we consume or utilize them. Conversely, non-renewable resources are available in finite quantities and can be permanently depleted because of this. Among the most prominently known non-renewable resources on Earth are fossil fuels such as coal, natural gas, and petroleum, usually exploited by humankind to generate energy.

Natural resources and sustainability

The value of natural resources is often determined by their scarcity and by their value for our modern economies. In the consumption-oriented, globalized world, industries need to balance meeting consumer demands and guaranteeing business growth while not over-exploiting and consequently depleting the natural resources of our planet. With natural resources having such high economic value and demand, in addition to the fact that many countries in the world have heavily resource-based economies, the socially, environmentally, and economically sustainable management of these resources is often an afterthought, if its considered at all. This issue is increasingly causing environmental issues, however, and more attention is now being paid by national governments and international environmental watch groups, as a result.

Natural resources in the United States

With a total natural resource value of 45 trillion U.S. dollars, the U.S. is the second leading country worldwide based on natural resource value after Russia. Among the main contributors to the United States’ natural resource value are coal, timber, natural gas, gold, and copper. These industries have strong historic significance for the United States. The U.S. lumber industry, for example, originated during the colonial era, when importing timber from the United States saved people in the U.K. from cold winters. Nowadays, U.S. timber is mostly used for the production of pulp and paper, as well as furniture. The U.S. also has the largest proven coal reserves worldwide as of 2019. In 2020, the U.S. also accounted for 6.7 percent of global coal production, which made the country the fifth-largest coal producer in the world.

In 2020, Russia had proved reserves of 37.4 trillion cubic meters of natural gas, up from 34.1 trillion cubic meters recorded a decade earlier. Russia was the country with the largest proved natural gas reserves in that year, accounting for nearly one fifth of that fossil fuel’s total reserves worldwide.

Where are Russian gas reserves located?

According to CDU TEK, Urengoy and Yamburg gas fields are the largest gas fields in Russia, with 16 and 8.2 trillion cubic meters of reserves, respectively. Both are operated by subsidiaries of Russia’s leading gas producer Gazprom. They are positioned in the Yamalo-Nenets Autonomous Okrug, in the West Siberian petroleum basin of the Ural Federal District, which is the country's federal district with the largest natural gas production volume. In general, Gazprom owned most of its natural gas reserves in the region.

How much natural gas does Russia produce each year?

Russia produced 701.7 billion cubic meters of natural gas in 2029, increasing its output by around nine percent compared to the previous year. Russia was the second-largest producer of natural gas worldwide after the United States.