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Iraq ranks fifth among 15 countries that control the world's oil 

Category: Economy

Date: 2021-09-07T07:48:43+0000
Iraq ranks fifth among 15 countries that control the world's oil 

Shafaq News / The oil industry faced unprecedented challenges in 2020. Due in large part to the COVID-19 pandemic, demand for oil dipped for the first time in over a decade, down by over 9 million barrels per day. With it, oil production also dropped by 6.6 million barrels per day.

Still, an average of more than 88 million barrels were produced worldwide each day in 2020. The vast majority of this production took place in just 15 countries. In addition to having the highest production output in 2020, these 15 countries have a combined 1.6 trillion barrels of oil in their reserves.

To determine the countries that control the world’s oil, 24/7 Wall St. reviewed data on oil reserves from oil and gas company BP’s “Statistical Review of World Energy 2021.” Countries were ranked based on proved reserves as of 2020.

The 15 countries with the most oil are spread across five different continents, though the majority are located in the Middle East and North Africa regions. The other countries tend to be very large, as the more land area a country has, the more likely some of it sits on top of a large deposit of oil.

Oil is one of the most valuable and widely used commodities in the world, and countries with large supplies tend to be very wealthy. The economies of several nations on this list are almost wholly powered by the oil industry, and they rank among the richest countries in the world.

1. Venezuela

Proved oil reserves: 303.8 billion barrels

Reserves as a share of world total: 17.5%

2020 oil production: 539,761 million barrels per day

2020 GDP per capita: N/A

2020 oil exports as pct. of GDP: N/A

2. Saudi Arabia

Proved oil reserves: 297.5 billion barrels

Reserves as a share of world total: 17.2%

2020 oil production: 11.0 million barrels per day

2020 GDP per capita: $46,762

2020 oil exports as pct. of GDP: 24.2%

3. Canada

Proved oil reserves: 168.1 billion barrels

Reserves as a share of world total: 9.7%

2020 oil production: 5.1 million barrels per day

2020 GDP per capita: $48,073

2020 oil exports as pct. of GDP: 1.6%

4. Iran

Proved oil reserves: 157.8 billion barrels

Reserves as a share of world total: 9.1%

2020 oil production: 3.1 million barrels per day

2020 GDP per capita: $13,116

2020 oil exports as pct. of GDP: N/A

5. Iraq

Proved oil reserves: 145.0 billion barrels

Reserves as a share of world total: 8.4%

2020 oil production: 4.1 million barrels per day

2020 GDP per capita: $9,764

2020 oil exports as pct. of GDP: 39.6%

Source: 24/7 Wall St.

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