Proved oil reserves in Europe and Eurasia 2010-2018, by country
Oil reserves in Eurasia far outweighed those in Europe, with the vast majority located in Russia, followed by Kazakhstan. In 2017, there were 106.2 billion barrels worth of oil reserves in Russia, which was a decrease from the previous year. In comparison, reserves amounted to 7.9 billion in Norway, the largest in Europe.
EU oil production in decline
Since the turn of the century, the volume of oil production in the European Union has declined significantly. During this period, production was at a peak in 2000 at 167.8 million metric tons. By 2017 this had fallen to 69.2 million metric tons. The United Kingdom is the biggest producer in the EU but has seen its reserves decrease by approximately half since 1995.
Global reserves
Whilst Russia has the largest oil reserves in Europe and Eurasia, Venezuela and Saudi Arabia have by far the greatest globally. With 47.4 and 38.7 billion metric tons respectively in 2017, this was a combined share of approximately 33.6 percent of all global oil reserves.
EU oil production in decline
Since the turn of the century, the volume of oil production in the European Union has declined significantly. During this period, production was at a peak in 2000 at 167.8 million metric tons. By 2017 this had fallen to 69.2 million metric tons. The United Kingdom is the biggest producer in the EU but has seen its reserves decrease by approximately half since 1995.
Global reserves
Whilst Russia has the largest oil reserves in Europe and Eurasia, Venezuela and Saudi Arabia have by far the greatest globally. With 47.4 and 38.7 billion metric tons respectively in 2017, this was a combined share of approximately 33.6 percent of all global oil reserves.
