Nigeria’s stock of world’s proven crude oil reserve dropped to 3.1 percent in 2015.

According to OPEC Annual Statistical Bulletin 2016, more than 80% of the world’s proven crude oil reserves are located in OPEC member countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 65% of the OPEC total.

The document stated that “OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry, realizing intensive explorations and enhanced recoveries”.

As a result, OPEC’s proven oil reserves currently stand at 1,213.43 billion barrels.

Venezuela has the largest reserve with 24.8 percent, Saudi Arabia comes second with 22.0 percent, Iran with 13.1%, Iraq 11.7%, Kuwait 8.4%, United Arab Emirates with 8.1 percent, Libya with 4.0 percent.

Other countries are Qatar with 2.1%, Algeria 1.0percent, Angola 0.8%, Indonesia 0.3% and Gabon, 0.2%.

Nigeria’s 3.1 percent amounts to 37.06 billion barrels for 2015.

World proven crude oil reserves stood at 1,492.9 billion barrels at the end of 2014, 0.2 per cent higher as compared to the end of 2013. The largest non-OPEC additions originated in North America, particularly the US, as well as Asia and Pacific predominantly China and India. Proven crude oil reserves in OPEC Member Countries remained largely unchanged at the end of 2014, as compared to 2013 and reached a level of 1,206bn b.

The overall OPEC percentage share of world proven crude oil reserved at the end of 2014 stood at 80.8 per cent.

According to data obtained from OPEC, Nigeria’s proven oil serve for 2014 was 37,070 million barrels.

In 2014, the majority of crude oil from OPEC Member Countries was exported to Asian and Pacific countries (13.7m b/d or 60.4 per cent). Substantial volumes of crude oil from OPEC Member Countries were also exported to Europe (3.8m b/d or 16.7 per cent) and North America (3.1m b/d or 13.9 per cent). Asian and Pacific countries were the largest importers of OPEC Member Countries petroleum products (2.7m b/d or 60.8 per cent). North America was the region in 2014 that recorded the largest yearly increase in oil exports (0.7m b/d or 11.7 per cent) with the bulk of these volumes being petroleum products. OPEC Member Countries petroleum products exports in 2014 stood at 4.5m b/d, while during the same year the imports were at 1.6m b/d, up 1.4 per cent year-on-year.

In 2015, the largest of Nigeria’s crude oil were exported to Europe having 992.3 billion barrels, North America with 83.6 billion barrels, Asia and Pacific with 550.3 b/b, Latin America with 209.1b/b, Africa taking 278.7 b/b, nothing was exported to Middle East.

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