Oil reserves, billion barrels, 2021 - Country rankings:The highest value was in Canada: 170.3 billion barrels and the lowest value was in Antigua and Barbuda: 0 billion barrels. The indicator is available from 1980 to 2021.
What is the largest oil reserve in North America?These 32 basins represent about 97% of the discovered and undiscovered oil and gas resources of the United States. The three areas considered to hold the most oil are the coastal plain (1002) area of ANWR, the National Petroleum Reserve of Alaska, and the Bakken Formation.
Where are North America's greatest oil reserves found?Prudhoe Bay Oil Field is a large oil field on Alaska's North Slope. It is the largest oil field in North America, covering 213,543 acres (86,418 ha) and originally contained approximately 25 billion barrels (4.0×109 m3) of oil.
Who has the largest reserve of oil in the world?Venezuela - 303.806 Billion Barrels
Venezuela holds the largest oil reserves globally, with over 300 billion barrels mainly located in the Orinoco Belt at the southern end of the eastern Orinoco River Basin.
Where are the largest untapped oil reserves?Thanks to the shale oil boom, the US is now sitting on more oil reserves than Russia, which estimates as having 256 billion barrels of untapped oil. The next-richest countries in terms of oil after that are: Saud Arabia (212 billion), Canada (167 billion), Iran (143 billion) and Brazil (120 billion).
Where US gets its oil from and how strategic petroleum reserve is used | JUST THE FAQS
How much untapped oil is left in the US?The country is also the world's largest consumer of oil, using about 21 million barrels per day in 2019 — 20% of the world's total. Buried under U.S. soil lies an estimated 38.2 billion barrels worth of proven oil reserves that are still untapped, according to the U.S. Energy Information Administration.
Where is 80% of the world's oil held?Venezuela, Saudi Arabia, and Canada are the three leading countries with the most oil reserves. Industry leader BP plc estimates that there are 1.73 trillion barrels of oil reserves globally. Approximately 80% of the world's oil reserves are in the Organization of the Petroleum Exporting Countries (OPEC).
How many years of oil is left in the world?World Oil Reserves
The world has proven reserves equivalent to 46.6 times its annual consumption levels. This means it has about 47 years of oil left (at current consumption levels and excluding unproven reserves).
How long will the US oil reserves last?Oil Reserves in the United States
The United States has proven reserves equivalent to 4.9 times its annual consumption. This means that, without imports, there would be about 5 years of oil left (at current consumption levels and excluding unproven reserves).
What country has most oil in the ground?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.
How many years of oil left in Texas?Reuters, Dec. 6, 2018, Texas and New Mexico shale basins hold 49 years worth of oil: USGS.
How many years of oil left in Alaska?On a best case scenario, Alaska has roughly 47 billion barrels of crude left to produce. Assuming Alaska's production continues, the state will produce roughly 1 billion barrels per day for the foreseeable future. That means as a best case scenario Alaska's crude production will last until 2062.
Why is there so much oil found in Alaska?Plate tectonics determines the location of oil and gas reservoirs and is the best key we have to understanding why deserts and arctic areas seem to hold the largest hydrocarbon reserves on earth. But there are other important locations of large reserves: river deltas and continental margins offshore.
What state is the richest in oil?Texas is by far the largest oil-producing state in the United States. In 2022, Texas produced a total of 1.8 billion barrels. In a distant second place is New Mexico, which produced 574.3 million barrels in the same year. Virginia is the smallest producing state in the country, at five thousand barrels.
Where in the US is the most oil?
In 2021, about 71% of total U.S. crude oil production came from five states.
- The top five crude oil-producing states and their percentage shares of total U.S. crude oil production in 2021 were:
- New Mexico11.1%
- North Dakota9.9%