10:32 - 5.01.2026

---

January 5 list, Fineko/abc.az. Oil remains the most important raw material resource in the global economy. It forms the basis of the global transportation system and industry, but also continues to play an important role in geopolitics and global trade.

ABC.AZ reports that renewable energy sources, despite their constant development, still cannot compete with oil in terms of meeting global energy demand.

The world's main oil reserves are distributed among several countries:

Venezuela — 303.2 billion barrels

Saudi Arabia — 267.2 billion barrels

Iran — 208.6 billion barrels

Canada — 163 billion barrels

Iraq — 145 billion barrels

UAE — 113 billion barrels

Kuwait — 101.5 billion barrels

Russia — 80 billion barrels

Libya — 48.3 billion barrels

USA — 45 billion barrels

Nigeria — 37.2 billion barrels

Kazakhstan — 30 billion barrels

China — 28.1 billion barrels

Qatar — 25.2 billion barrels

Brazil — 15.8 billion barrels

Azerbaijan ranks 18th in the ranking, with oil reserves of 7 billion barrels.