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Kuwait ranked 7th in global oil reserves

Business Kuwait City 23 Mar 22
Kuwait ranked 7th in global oil reserves
Kuwait is ranked seventh in the world in terms of the volume of global oil reserves with a total of 102 billion barrels, according to recent reports.
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Event Location
Kuwait, Kuwait
Area
Kuwait City
Start Time
23 March 2022, 12:00 AM
End Time
31 March 2022, 12:00 AM
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Kuwait has been ranked seventh in the world in terms of the volume of global oil reserves with a total of 102 billion barrels and a market share of six percent, according to statistics issued by the German data company Statista, reports Al-Qabas daily.

The company, Statista, monitored the most prominent countries in terms of the volume of global oil reserves.

Saudi Arabia emerged as the largest exporter of crude oil in 2020, with a market share of 17 percent, but it was the second largest in terms of the volume of global oil reserves with a total of 298 billion barrels.

Only two countries accounted for more than a third of global reserves. Venezuela leads the world in terms of oil reserves, with a total of 304 billion barrels. However, it is not traditionally known as a large exporter of this commodity. The other countries included in the list includes Canada, which has the third largest oil reserves as of the end of 2020 with a total of 168 billion barrels, representing ten percent of the global reserves. The value of their oil exports amounted to USD 48 billion in the same year, making it the sixth in the world in terms of oil export.

Kuwait rank global oil reserves



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