Reserves amounts are listed in millions of barrels. and the majority of oil produced in the USA is from shale, leading to the paradoxical data below that the USA will finish all its oil at current production in 11 years, because the production is mostly from shale but the reserves cited omit all shale reserves.]Ĭomparison of proven oil reserves from some widely used sources (billions of barrels, as of 31 Dec. The differences sometimes result from different classes of oil included, and sometimes result from different definitions of proven. Sources sometimes differ on the volume of proven oil reserves. Similarly, Venezuela's proven reserves jumped in the late 2000s when the heavy oil of the Orinoco Belt was judged economic. In this way, Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were seen to be economically viable. Different estimates may or may not include oil shale, mined oil sands or natural gas liquids.īecause proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop. Some of the differences reflect different types of oil included. Some statistics on this page are disputed and controversial-different sources ( OPEC, CIA World Factbook, oil companies) give different figures. Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. A map of world oil reserves according to OPEC, January 2014
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