Kuwait 7th in global oil reserves – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

Kuwait 7th in global oil reserves – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait News

KUWAIT CITY, March 20: 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. 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. The company, Statista, monitored the most prominent countries in terms of the volume of global oil reserves.

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