16 Countries With The Biggest Oil Reserves In The World in 2017

13. China

Proven Reserves (billions of barrels): 25.62

China ranks 13th in our list of 16 countries with the biggest oil reserves in the world in 2017. As the world’s second-largest economy, China is also the largest consumer of energy, with a total of 3.05 billion tonnes of oil equivalent, according to BP’s Statistical Review of World Energy 2017. Out of this amount, oil is the second most-consumed fuel, with consumption of 578.7 million tonnes, behind coal at 1.89 billion tonnes of oil equivalent. China consumes around 5.05 million of light distillates, 4.05 million of middle distillates, 617,000 of fuel oil, and 3.68 million of other products daily. At the same time, the country produces slightly less than 200 million tonnes of oil.

With such big appetites, it’s not surprising that China’s oil exports are basically non-existent and it imports around 9.21 million barrels daily, which account for 14.1% of global imports. China’s oil rents currently represent just 0.3% of its GDP. Among the 10 biggest oil and gas publicly-traded companies in the world, two are Chinese: PetroChina Company Limited (ADR) (NYSE:PTR) and China Petroleum & Chemical Corp (ADR) (NYSE:SNP), whose market caps amount to $207 and $103 billion, respectively.

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