Saudi Arabia: The Conventional King For decades, Saudi Arabia has been the undisputed king of conventional oil reserves. Defining the Measurement: Conventional vs.
Venezuela and Canada: Global Oil Reserves Leaders
The Ghawar field, discovered in 1948, remains the largest oil field in the world, and Saudi Aramco, the state-owned giant, controls reserves estimated to be sufficient for over 60 years at current production levels. Oil reserves are typically categorized into two types: proven reserves, which are recoverable under current economic conditions, and total reserves, which may include more difficult-to-extract resources.
If these resources were technically and economically recoverable, Venezuela would surpass Saudi Arabia in total volume. Iran's reserves are largely concentrated in the southwest Persian Gulf region, while Iraq's vast reserves are spread across the southern parts of the country, particularly in the Basra region.
Venezuela and Canada: Global Oil Reserves Leaders
As the de facto leader of OPEC, the kingdom can influence global oil prices by increasing or decreasing its output. These deposits are thick and heavy, requiring advanced extraction techniques such as steam-assisted gravity drainage (SAGD).
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