Sam Ikeotuonye
09 August 2018, Sweetcrude, Lagos — A report by the Italian multinational oil company Eni has put Nigeria’s oil reserves at 37.45 billion barrels.
The new report released by the company, and quoted by Rigzone, said global oil demand grew by 1.7 percent in 2017.
Eni’s 17th edition of the World Oil, Gas and Renewables Review showed that global oil demand grew by 1.2 percent in 2016.
World oil production in 2017 grew by 0.3 percent, said the report, which revealed that the US and Canada set the biggest increases outside the Organization of the Petroleum Exporting Countries, OPEC.
“OPEC’s production, on the other hand, has declined following the cuts policy and the crisis in Venezuela,” Eni said in a statement accompanying the release of the report.
The report also outlined that oil reserves decreased by 0.2 percent in 2017 and that OPEC remained the biggest reserves holder, with 72 percent of the world’s total.
It listed the world’s top 10 reserves holders in 2017 as:
- Venezuela (302.809 billion barrels)
- Saudi Arabia (266.260 billion barrels)
- Canada (197.928 billion barrels)
- Iran (155.600 billion barrels)
- Iraq (147.223 billion barrels)
- Kuwait (101.500 billion barrels)
- UAE (97.800 billion barrels)
- Russia (80.000 billion barrels)
- Libya (48.363 billion barrels)
- Nigeria (37.453 billion barrels)
Eni’s World Oil, Gas and Renewables Review is an annual statistics report on oil, natural gas and renewables sources. The review is split into two volumes, with the first dedicated to the oil industry, and the second to natural gas and renewables.