In this video, a comparison of countries was made in terms of oil reserves, led by Venezuela, while the Kingdom of Saudi Arabia came in second place. The advanced positions also included Iraq, Kuwait, and the United Arab Emirates, and among the African countries, Nigeria and Libya.
Crude oil is the world's primary source of fuel and the largest overall source of primary energy. In 2020, the world used approximately 88.6 million barrels per day of oil, equivalent to 30.1% of the world’s primary energy. Crude oil produces gasoline, jet fuel, diesel, asphalt, tar, and lubricating oils. “Oil reserves” are an estimate of the amount of unextracted crude oil present in a given country that can be recovered using current technology and at a financially reasonable cost compared to the current price of oil.
The United States is the world's leading oil producer, as well as the world's largest oil consumer, making it necessary for the United States to import more oil from dozens of other oil-producing countries. Despite its world-leading oil production, the United States ranks only ninth in the world in terms of available oil reserves:
