Oil-Rich Countries and Their Situations

Looking at the list of the top 10 oil-rich countries, we see Saudi Arabia in the first place.

Oil is valuable today as the most precious fossil energy source, just as it was in the past. Oil is not only fuel but also holds a very important place in the chemical industry. Since oil is not very widespread globally, it is considered the most valuable fossil fuel.

Although the oil reserves in our country are not yet fully known, it is thought that there are 1 billion 30 million tons of reserves.

Saudi Arabia, which possesses one-fifth of the world's oil reserves within its borders, has an oil reserve of 19.8%. In second place on the list is Venezuela, a South American country. 12.9% of the world's oil reserves are located in Venezuela. Venezuela alone meets the needs of the South American market. Iran follows Venezuela with a 10.3% reserve. Iraq, which is still in a civil war today, holds 8.6% of the world's oil reserves. Kuwait, also located in the same region, ranks fifth on the list with a reserve rate of 7.6%. The United Arab Emirates ranks sixth, following Kuwait, with a reserve rate of 7.3%. Russia ranks seventh with 5.6%, while Libya, an African country, is in eighth place with 3.3%. The total share of the African continent in the world's oil reserves is 9.6%. Kazakhstan ranks ninth with 3%, while Nigeria is at the end of the list with 2.8%. The reason why the reserve rate is not fully known is that there is a significant area that has not yet been surveyed. In our country, oil exploration activities continue at full speed both on land and at sea. However, the reserve rate is estimated to be quite high. Based on the data obtained from MTA (Mineral Research and Exploration), it is understood that approximately 23-24% of the land and 3-4% of the seas have been surveyed to date. In light of this data, and considering our country's geological location, it is understood that there are high oil reserves both in our seas and on land. As exploration efforts intensify, the reserve amount will increase accordingly.