Kuwait 7th in global oil reserves

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KUWAIT CITY, March 20: Kuwait has been ranked seventh in the world in terms of the volume of global oil reserves with a total of 102 billion barrels and a market share of six percent, according to statistics issued by the German data company Statista, reports Al-Qabas daily. Saudi Arabia emerged as the largest exporter of crude oil in 2020, with a market share of 17 percent, but it was the second largest in terms of the volume of global oil reserves with a total of 298 billion barrels. The company, Statista, monitored the most prominent countries in terms of the volume of global oil reserves.

Only two countries accounted for more than a third of global reserves. Venezuela leads the world in terms of oil reserves, with a total of 304 billion barrels. However, it is not traditionally known as a large exporter of this commodity. The other countries included in the list includes Canada, which has the third largest oil reserves as of the end of 2020 with a total of 168 billion barrels, representing ten percent of the global reserves. The value of their oil exports amounted to USD 48 billion in the same year, making it the sixth in the world in terms of oil export.

The Russian-Ukrainian war has raised many questions about the future of global energy supplies, especially after the US President Joe Biden signed an executive order recently to ban the import of gas, coal and oil from Russia into the United States, making it the first country in the current alliance against Putin to resort to such a measure in the series of sanctions against Russia. Despite the escalation of the crisis, some European countries hesitate to exclude the energy option from the sanctions imposed on Russia, as they rely mainly on Russian oil and gas supplies, which constitute more than a third of their energy imports, despite attempts by some countries such as Germany to reduce their dependence on Russia, which supplies more than 55 percent of its gas needs and more than 35 percent of its oil and coal needs. In the event of a complete ban on Russian oil imports, it will enhance the dependence of importing countries on Gulf countries such as Saudi Arabia, Kuwait, Iran and Iraq.

Energy industry experts view Biden’s move as largely symbolic. For example, US imports of crude oil from Russia accounted for only eight percent of the total imports of that specific commodity in 2021. The USA produced 33.5 trillion cubic feet of natural gas compared to imports of 2.5 trillion cubic feet in 2020.

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