Global proved oil reserves were 1732 billion barrels at the end of 2020, down 2 billion barrels versus 2019. OPEC holds 70.2% of global reserves. The top countries in terms of reserves are Venezuela (17.5% of global reserves), closely followed by Saudi Arabia (17.2%) and Canada (9.7%).
Source: BP - Statistical Review of World Energy 2021 Report
Patrick Russo
Alex DamianouWhile Venezuela has the world's largest proven oil reserves, production has been a different story. They produce just 540,000 barrels a day, a fraction (0.6%) of the world's total production in 2020. Whereas the US, with the world's 9th largest reserves, pumped out the most in 2020 with 16,476,000 barrels a day (18.6% of global total).
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