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Sylvain Saurel

You might think that Saudi Arabia is the number one country in terms of proven oil reserves.

Well no!

Venezuela has the largest proven oil reserves in the world.

Venezuela would thus have 48.0 billion tonnes of proven oil reserves!

This represents 17.5% of the share of global oil reserves at the time of writing.

But now, Venezuela has been under an American embargo for years. We also understand better why China has developed such an important partnership with Venezuela.

Saudi Arabia comes next with proven reserves of 40.9 billion tonnes of proven oil reserves.

Next comes Canada with 27.1 billion tonnes of proven oil reserves, then Iran with 21.7 billion, and finally Iraq with 19.6 billion tonnes.

In barrels, this gives reserves of 299,953,000,000 barrels for Venezuela and 266,578,000,000 barrels for Saudi Arabia.

To calculate how much time Saudi Arabia has left with its oil reserves, we would need to be able to know the number of millions of barrels of oil produced per day.

This figure varies greatly depending on oil prices because Saudi Arabia seeks to maintain a sufficiently high barrel price. If the price soars, Saudi Arabia will be able to increase its production. If the price falls too much, Saudi Arabia will reduce its production. Saudi Arabia therefore uses the principles governing the law of supply and demand to its advantage.

In September 2023, Saudi Arabia decided to set its oil production at 9 million barrels per day.

To go further in my demonstration, let's imagine that this number of barrels remains fixed in the future. I know this is false, but we have to start from a postulate for the rest.

So we're going to divide 266,578,000,000 by 9,000,000.

This gives us the number of days left for Saudi Arabia producing 9 million barrels per day: 29,619.

Saudi Arabia can therefore last 29,619 days at this production rate.

Counting 365.25 days per year, that makes you 81 years.

At this rate of production, Saudi Arabia would have 81 years of oil reserves remaining. It's a lot and a little at the same time. This is why MBS decided to carry out a complete transformation plan for the Saudi economy in order to use the financial windfall from oil to prepare for the future because there will come a day when Saudi Arabia will have to do without its oil...

You might think that Saudi Arabia is the number one country in terms of proven oil reserves.

Venezuela has the largest proven oil reserves in the world.

Venezuela would thus have 48.0 billion tonnes of proven oil reserves!

This represents 17.5% of the share of global oil reserves at the time of writing.

But now, Venezuela has been under an American embargo for years. We also understand better why China has developed such an important partnership with Venezuela.

Saudi Arabia comes next with proven reserves of 40.9 billion tonnes of proven oil reserves.

Next comes Canada with 27.1 billion tonnes of proven oil reserves, then Iran with 21.7 billion, and finally Iraq with 19.6 billion tonnes.

In barrels, this gives reserves of 299,953,000,000 barrels for Venezuela and 266,578,000,000 barrels for Saudi Arabia.

To calculate how much time Saudi Arabia has left with its oil reserves, we would need to be able to know the number of millions of barrels of oil produced per day.

This figure varies greatly depending on oil prices because Saudi Arabia seeks to maintain a sufficiently high barrel price. If the price soars, Saudi Arabia will be able to increase its production. If the price falls too much, Saudi Arabia will reduce its production. Saudi Arabia therefore uses the principles governing the law of supply and demand to its advantage.

In September 2023, Saudi Arabia decided to set its oil production at 9 million barrels per day.

To go further in my demonstration, let's imagine that this number of barrels remains fixed in the future. I know this is false, but we have to start from a postulate for the rest.

So we're going to divide 266,578,000,000 by 9,000,000.

This gives us the number of days left for Saudi Arabia producing 9 million barrels per day: 29,619.

Saudi Arabia can therefore last 29,619 days at this production rate.

Counting 365.25 days per year, that makes you 81 years.

At this rate of production, Saudi Arabia would have 81 years of oil reserves remaining. It's a lot and a little at the same time. This is why MBS decided to carry out a complete transformation plan for the Saudi economy in order to use the financial windfall from oil to prepare for the future because there will come a day when Saudi Arabia will have to do without its oil...

Sylvain Saurel

When will the oil in Saudi Arabia run out?

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Sylvain Saurel