Kuwait Ranked 6th On List Of Countries Which Have Largest Oil Reserves

Kuwait was ranked 6th on a list of 16 countries with the biggest oil reserves in the world in 2017. According to a report published by Insider Monkey online, Kuwait has huge Proven Reserves which stand at 101.5 billion of barrels. 

The overall Kuwaiti exports topped $46.26 billion in 2016, of which petroleum exports accounted for $41.46 billion. Kuwait produces around 3.15 million barrels of oil on average per day.

The list was topped by Venezuela, which has the largest Proven Reserves in the world with 300.88 billion barrels. Venezuelan oil production declined slightly last year to 2.41 million barrels per day, down from 2.64 million in 2015.

Venezuela is followed by the Kingdom of Saudi Arabia whose Proven Reserves stand at 266.46 billion barrels.

According to Insider Monkey, the state-owned oil and gas company, Saudi Aramco, is the most valuable company in the world, with a market capitalisation estimated between $8 trillion and $10 trillion.

Citing updated figures, the survey said Saudi Aramco produces around 12 million barrels of oil per day and generates around $1 billion in revenue.

Oil-rich Saudi exported $134.37 billion worth of oil in 2016. In volume terms, Saudi Arabia is the second-largest oil exporter, with 8.53 million barrels per day. The country produced 12.35 million barrels of oil per day last year.

The Insider Monkey survey ranked Canada third with Proven Reserves 169.71billions of barrels, followed respectively by Iran (158.4 billion of barrels) and Iraq (142.50 billion of barrels).

The United Arab Emirates ranked 7th with Proven Reserves standing at 97.8 billion of barrels, followed by Russia (80 billion), Libya (48.36 billion) and the United States of America (48 billion).

 

SOURCE : GDN ONLINE

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