ECONOMY


OPEC: Azerbaijan’s proven oil reserves make 7 billion barrels

Baku, June 8, AZERTAC

Azerbaijan`s proven oil reserves are estimated at 7 billion barrels, according to the 53rd edition of the Annual Statistical Bulletin (ASB) of the Organization of the Petroleum Exporting Countries (OPEC).

By the end of 2017, among the Caspian littoral countries, Iran's proven oil reserves totaled 155.6 billion barrels, Russia's 80 billion barrels, Kazakhstan's 30 billion barrels and Turkmenistan's 600 million barrels.

Venezuela has the largest proven oil reserves of 302.809 billion barrels, followed by Saudi Arabia with 266.260 billion barrels, Iran with 155.6 billion barrels, Iraq with 147.223 billion barrels and Kuwait with 101.500 billion barrels. Belarus stands out as having the least proven oil reserves worldwide with estimated 198 million barrels.

World proven crude oil reserves totaled 1 trillion 482 billion 773 million barrels, of which 81.9 percent—that is, 1 trillion 214 billion 209 million barrels—belongs to OPEC countries. The proven oil reserves of the Organization for Economic Co-operation and Development (OECD) member countries make 57 billion 769 million barrels, while those countries of the former Soviet Union are 118 billion 886 million barrels.

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