Brent crude oil spot price is expected to fall from an
average of $112 per barrel in 2012 to annual averages of
$108 per barrel in 2013 and $101 per barrel in 2014,
according to report released by US-based Energy
Information Administration (EIA) last week.
The price shift reflects the increasing supply of liquid
fuels from non-OPEC (Organization of Petroleum
Exporting Countries) countries, it stated.
However, OPEC nations continue to overshadow the
world in terms of reserves, holding more than 80 per
cent of the world’s proven oil reserves, according to
current estimates. The bulk of OPEC oil reserves – 66 per
cent – are in the Middle East.
OPEC’s proven oil reserves currently stand at 1,199.71
billion barrels.
Here are the top countries with the biggest proven oil
reserves, as reported by EIA.

1. VENEZUELA
Proven oil reserves in 2013 (billion barrels): 297.6
Total oil supply in 2012 (thousand barrels per day):
2,489.2
Venezuela surpassed Saudi Arabia last year to become
the holder of the largest oil reserves in the world.
However, annual oil production of the OPEC supplier is
considerably less than the Kingdom.

2. SAUDI ARABIA
Proven oil reserves (billion barrels): 267.91
Total oil supply in 2012 (thousand barrels per day):
11,545.7
Saudi Arabia has almost one-fifth of the world’s proven
oil reserves and ranks as the largest producer and
exporter of oil in the world.

3. CANADA
Proven oil reserves: 173.105
Total oil supply in 2012 (thousand barrels per day):
3,854.4
Canada’s oil sands are a significant contributor to the
recent growth in the world’s liquid fuel supply and
comprise the vast majority of the country’s proven oil
reserves.

4. IRAN
Proven oil reserves: 154.58
Total oil supply in 2012 (thousand barrels per day):
3,538.4
International sanctions have drastically impacted Iran’s
energy sector – the country’s oil production fell
dramatically in 2012, from over 35 million barrels per
day in 2011 to just over 3.5 million bpd in 2012.

5. IRAQ
Proven oil reserves: 141.35
Total oil supply in 2012 (thousand barrels per day):
2,986.6
Despite having large proven oil reserves, increases in oil
production have fallen behind ambitious targets because
of infrastructure constraints and political disputes, says
EIA.

6. KUWAIT
Proven oil reserves: 104
Total oil supply in 2012 (thousand barrels per day):
2,796.8
Kuwait boasts the second largest oil reserves in the GCC,
behind Saudi Arabia and is also among the world’s top
10 largest exporters of total oil products.

7. UNITED ARAB EMIRATES
Proven oil reserves: 97.8
Total oil supply in 2012 (thousand barrels per day):
3,213.2
Enhanced oil recovery techniques continue to underpin
strong crude oil production totals and are an important
strategy for extending the life of the country’s aging oil
fields, states EIA.

8. RUSSIA
Proven oil reserves: 80
Total oil supply in 2012 (thousand barrels per day):
10,397
Russia, which also holds the world’s largest natural gas
reserves and the second-largest coal reserves, is the
second biggest oil supplier in the world after Saudi
Arabia.

9. LIBYA
Proven oil reserves: 48.01
Total oil supply in 2012 (thousand barrels per day): 1,483
The holder of Africa’s largest proven oil reserves, Libya
saw a disruption in oil production in 2011 due to conflict,
but the country has recovered, and subsequently, has
begun to increase supplies.

10. NIGERIA
Proven oil reserves: 37.2
Total oil supply in 2012 (thousand barrels per day):
2,524.1
Nigeria’s hydrocarbon resources are the mainstay of the
country’s economy, but EIA states that development of
the sector is often constrained by instability in the Niger
Delta.

Yes but u didnt mention condom village

Iran, iraq, saudi arabia, kuwait, Venezuela...


Oil producing countries since 1960

And Nigeria is the poorest among them.

eluquenson: And Nigeria is the poorest among them.

HAV U BEEN TO IRAQ , KUWAIT.IRAN

Holywizard: Yes but u didnt mention condom village

go ahead, mention it.

seankafor: HAV U BEEN TO IRAQ , KUWAIT.IRAN

have u been there? What is ur experience.

larrymoore: have u been there? What is ur experience.

NO U SAID NIGERIA IS THE POOREST THEN I ASKED U THE QUESTION.

seankafor: NO U SAID NIGERIA IS THE POOREST THEN I ASKED U THE QUESTION.

I did not, someone else did, review.

The oil reserves will soon be used up.

The only solution is to embrace agriculture as a business.


The fastest growing economy such as brazil,indonesia and argentina have agriculture as their mainstay,have started producing environmental friendly fuels from some crops,export majority of their produce and is generating good foeeign exchange.

Thank God the Nigeria government is waking up and nigerians also needs to venture into agribusiness to eradicate the issue of food insecurity in the country

Do agric....Create wealth

Lesgupnigeria: The oil reserves will soon be used up.

The only solution is to embrace agriculture as a business.


The fastest growing economy such as brazil,indonesia and argentina have agriculture as their mainstay,have started producing environmental friendly fuels from some crops,export majority of their produce and is generating good foeeign exchange.

Thank God the Nigeria government is waking up and nigerians also needs to venture into agribusiness to eradicate the issue of food insecurity in the country

Do agric....Create wealth

honestly, this country needs to diversify fast

larrymoore: honestly, this country needs to diversify fast

Great.
Right on point.