Money & BusinessSaudi ArabiaKuwait
Kuwait ranked 7th in global oil reserves
Kuwait has been ranked seventh in the world in terms of the volume of global oil reserves with a total of 102 billion barrels and a market share of six percent, according to statistics issued by the German data company Statista. Saudi Arabia emerged as the largest exporter of crude oil in 2020, with a market share of 17 percent, but it was the second largest in terms of the volume of global oil reserves with a total of 298 billion barrels.
In the event of a complete ban on Russian oil imports, it will enhance the dependence of importing countries on Gulf countries such as Saudi Arabia, Kuwait, Iran and Iraq.