Kuwait Has The Seventh Largest Oil Reserves In The World

According to figures published by the German data business statistic, Kuwait ranks seventh in the world in terms of the volume of global oil reserves, with 102 billion barrels and a market share of 6%.

Saudi Arabia, according to a local Arabic newspaper, is the world's second-largest oil producer, with 298 billion barrels of reserves, but it will lead the pack in crude oil exports in 2020, with a 17 %.

Statistic examined into the most important countries in terms of global oil reserves, as only two countries accounted for more than a third of the total.

Venezuela has the world's largest oil reserves, with 304 billion barrels, yet it is not known for being a significant oil exporter.

However, the other countries on the list, such as Canada, were the third-largest oil reserves country until the end of 2020, with 168 billion barrels, accounting for 10% of global reserves, while the value of their oil exports was 48 billion dollars, placing them sixth in the world in oil exports.

The Russian-Ukrainian conflict raised many questions about the future of global energy supplies, especially after US President Joe Biden signed an executive order last week prohibiting Russia from importing gas, coal, or oil into the US, making the US the first country in the current alliance against Russian President Vladimir Putin to do so.

Despite efforts by some countries, led by Germany, to reduce their reliance on Russia, which supplies more than 55 percent of its gas needs and more than 35 percent of its oil and coal, some European countries continue to exclude the energy option from the series of sanctions imposed on Russia, as they rely primarily on Russian oil and gas supplies, which account for more than a third of their energy imports.

If Russia's oil imports are completely banned, importing countries will become even more reliant on the Gulf States like Saudi Arabia, Kuwait, Iran, and Iraq.

Biden's decision, according to experts in the energy industry, is mostly symbolic. In 2021, for example, US crude oil imports from Russia amounted to only 8% of total crude oil imports, and the US generated 33.5 trillion cubic feet of natural gas vs 2.5 trillion cubic feet of imports in 2020.

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