Kuwait Has The Seventh-largest Oil Reserves In The World

Kuwait ranked seventh on the list of the American newspaper Wall Street 24/7, among the 15 largest countries that control oil and its reserves in the world. The report stated that Kuwait’s oil reserves amount to 101.5 billion barrels, representing a proportion of 5.9% of the world’s total reserves of oil, Al Anbaa reported.

The newspaper reported that Kuwait’s oil production in 2020 averaged 2.7 million barrels per day, while the per capita GDP amounted to USD 51.962, noting that Kuwait’s oil exports last year amounted to 42.1% of GDP, compared to Saudi Arabia, the UAE, and Qatar. , in which the percentage is 24.2%, 16.2%, and 17%, respectively.

Kuwait ranks fourth in the world in terms of per capita GDP with a value of 51.96 thousand dollars, after Qatar with 89.94 thousand dollars, and the UAE with 69.95 thousand dollars, then the United States in third place with USD 63,3000.

The global oil industry faced unprecedented challenges in 2020 as a result of the repercussions of the Corona pandemic, as oil demand decreased for the first time in more than a decade, by more than 9 million barrels per day, but with that, oil production also decreased, but by no more than 6.6 million barrels per day.

Despite the harsh conditions and measures imposed by the pandemic, the oil-producing countries produced about 88 million barrels per day during 2020, and only 15 countries accounted for the vast majority of this production, and in addition to recording the highest production in 2020, these 15 countries collectively possess reserves of 1.6 trillion barrels of oil.

To determine the countries that control the oil in the world, the newspaper reviewed the data on oil reserves from the “Statistical Review of World Energy 2021 Report” issued by the British oil and gas company BP, where the countries were classified based on proven reserves as In 2020.

It is worth noting that these 15 countries have the largest amount of oil across the 5 different continents even though the majority of them are located in the Middle East and North Africa regions. It is noted that the larger the countries and the larger their land area, the greater the possibility of the existence of huge reserves.

Countries with large production and exports tend to be richer, and oil has become one of the most valuable and most used commodities in the world. The economies of many of the countries on this list are almost entirely supported by the oil industry, and they are ranked among the richest countries in the world.

 

SOURCE  :  TIMES KUWAIT

 

Comments Post Comment

Leave a Comment

Submit