When people are comparing the oil prices and reserve it’s not an apple-to-apple calculation. This is because most countries have extremely long Reserve Life. Reserve Life simply means the amount of years the country has till the oil is finished. In the meantime, these oil producing countries have less population compared to their oil reserve. Therefore, these countries can cater for their own needs without any bother to supply.

Here are some research on the numbers:

UAE
population = 4,380,000
oil reserve = 97 billion barrels
production rate = 2.5 million barrels per day
Reserve life = 107 years

Kuwait
population = 2,851,000
oil reserve = 99 billion barrels
production rate = 2.5 million barrels per day
Reserve life = 108 years

Saudi Arabia
population = 24,735,000
oil reserve = 260 billion barrels
production rate = 8.8 million barrels per day
reserve life = 81 years

Iran
population = 71,208,000
oil reserve = 136 billion barrels
production rate = 3.9 million barrels per day
reserve life = 74 years

Nigeria
population = 148,093,000
oil reserve = 36.2 billion barrels
production rate = 2.3 million barrels per day
reserve life = 43 years

Venezuela
population = 27,877,000
oil reserve = 80 billion barrels
production rate = 2.4 million barrels per day
reserve life = 91 years

Malaysia
population = 27,452,091
oil reserve = 4.8 billion barrels
production rate = 550,000 barrels per day
reserve life = 33 years

Sources:

• Oil Reserves
• Population
• Malaysia Oil
• Malaysia Today