OPEC: Azerbaijan has 7bln barrels of confirmed oil resources

# 17:39
7 June 2018

Last year, Azerbaijan’s confirmed approved crude oil reserves amounted to 7 billion barrels.


This is according to the annual report of the Organization of the Petroleum Exporting Countries (OPEC), APA reports quoting AZERTAC.


By the end of 2017, Iran's confirmed oil reserves totaled at 155.6 billion barrels, Russia's at 80 billion barrels, Kazakhstan's at 30 billion barrels and Turkmenistan's at 600 million barrels.


In terms of confirmed oil reserves, Venezuela ranks 1st with 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. By contrast, Belarus stands out as having the least confirmed oil reserves worldwide.


Confirmed crude oil reserves worldwide totaled at 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 confirmed oil reserves of the Organisation for Economic Co-operation and Development (OECD) are 57 billion 769 million barrels and those of post-Soviet countries are 118 billion 886 million barrels.