The world's largest oil company in terms of reserves is Saudi Aramco. The company has over 266 billion barrels of proven crude oil reserves as of 2020, making it the world’s largest holder of such reserves. This represented approximately 18% of the global total. Following close behind is the Russian energy giant Rosneft with over 180 billion barrels of reserves.
The National Iranian Oil Company is next with over 143 billion barrels of reserves and Iraq’s Basra Oil Company rounds out the top five with nearly 140 billion barrels. Other large oil companies with noteworthy reserves include ExxonMobil, Chevron, BP and Total.
In terms of production, Saudi Aramco is also the world’s largest, with over 13 million barrels of oil produced per day in 2020. This is followed by Russian energy giant Rosneft at just under 6 million barrels per day and the National Iranian Oil Company at 4.3 million barrels per day. The remaining three of the world’s top five oil producing companies are ExxonMobil, Chevron, and BP.
In conclusion, Saudi Aramco is the world's largest oil company in terms of reserves and production. The company has over 266 billion barrels of proven crude oil reserves as of 2020, and produces over 13 million barrels of oil per day. This makes it the undisputed leader among all oil companies. Other large players in the industry include Rosneft, National Iranian Oil Company, ExxonMobil, Chevron, BP and Total. These companies also have impressive reserve figures, though they are significantly smaller than those of Saudi Aramco. For now at least, Saudi Aramco is the undisputed leader in the global oil industry.
Who has the largest oil reserves in the world 2020?
The country with the largest proven oil reserves in 2020 is Venezuela, which holds an estimated 302.81 billion barrels of crude oil reserves as of December 2020. Saudi Arabia has the second-largest proven oil reserves, with 266.45 billion barrels as of December 2020. Iran, Iraq and Kuwait also hold significant amounts of proven oil reserves, with nearly 150.00 billion, 145.00 billion and 101.50 billion barrels respectively as of December 2020. Canada has the world's third-largest proven oil reserves after Venezuela and Saudi Arabia, with 169.90 billion barrels of crude oil reserves as of December 2020. Other countries with large proven oil reserves include the United Arab Emirates (97.80 billion barrels) and Russia (80.00 billion barrels).
In addition to these countries, Brazil and Libya also possess significant amounts of proven oil reserves, with 13.90 billion and 48.50 billion barrels respectively as of December 2020. China's proven oil reserves stand at 18.60 billion barrels as of December 2020, while the United States holds a total of 33.60 billion barrels of proven oil reserves.
The global proven oil reserves are estimated to be around 1,717.20 billion barrels as of December 2020, and the world's leading countries account for more than 90% of the total proven oil reserves. The top 10 countries with the largest oil reserves in the world in 2020 are listed below:
1. Venezuela (302.81 billion barrels)
2. Saudi Arabia (266.45 billion barrels)
3. Canada (169.90 billion barrels)
4. Iran (150.00 billion barrels)
5. Iraq (145.00 billion barrels)
6. Kuwait (101.50 billion barrels)
7. United Arab Emirates (97.80 billion barrels)
8. Russia (80.00 billion barrels)
9. Brazil (13.90 billion barrels)
10. Libya (48.50 billion barrels)