Top 10 Countries With the World’s Largest Oil Reserves 

Oil is a natural resource formed by the decomposition of organic substances throughout millions of years. And like many other natural resources, oil cannot be produced, only extracted where it already occurs. Since the emergence of the oil industry in the mid-nineteenth century, It has been the lifeblood of the global economy for the past century. Crude oil is the world’s main source of energy. Recent estimates indicate that planet Earth derives over a third of its total energy production from oil, more than any other source. As a result, those nations that control large portions of the global oil reserves repeatedly boast the most geopolitical and economic power. Oil is everywhere in our lives. It has been used as fuel for transport, to generate electricity to light homes. Oil is also found as an ingredient in plastics, chemicals, and a plethora of other synthetic materials. Crude oil creates gasoline, jet fuel, diesel, asphalt, tar, and lubrication oils. It is used as a raw material for fertiliser and an ingredient to produce plastics used all over the world.

Proven reserves are those quantities of petroleum that can be recovered with current economic conditions by existing technology. Different sources like OPEC, CIA World Factbook give different figures because they may or may not include different types of oil like oil shale, mined oil sands or natural gas liquids. These statics can fluctuate, because nations may see large increases in proven reserves when deposits become economic to develop. Like Canada's proven reserves increased suddenly in 2003 when the oil sands of Alberta were discovered to be economically viable. Similarly, Venezuela's heavy oil of the Orinoco Belt was refereed economic. According to the BP Statistical Review of World Energy 2020, the world’s total proved oil reserves were measured at more than 1.73 trillion barrels. More than 100 million barrels per day were produced globally in 2019.

Scroll through to see all Top 10 Countries With the World’s Largest Oil Reserves :-

10. United States of America :-

The United States holds 69 billion barrels of proven oil reserves accounting for about 2.1% of the world's total oil reserves. The United States has the largest known deposits of oil shale in the world, according to the Bureau of Land Management and holds an estimated 2.175 trillion barrels of potentially recoverable oil. The United States has proven reserves equivalent to 4.9 times its annual consumption. The United States produces every year an amount equivalent to 15.4% of its total proven reserves. The United States produces 14,837,640 barrels per day of oil ranking 1st in the world.

9. Libya :-

Oil reserves in Libya are the largest in Africa and among the ten largest globally with 78 billion barrels, accounting for about 2.9% of the world's total oil reserves. Libya produces 1.65 million barrels per day of oil. Libya has proven reserves equivalent to 594.2 times its annual consumption.

8. United Arab Emirates :-

The United Arab Emirates holds 98 billion barrels of proven oil reserves, ranking 7th in the world and accounting for about 5.9% of the world's total oil reserves. The United Arab Emirates has proven reserves comparable to 299.0 times its annual consumption. The UAE produces about 2.9 million barrels per day of total oil liquids. Of the Emirates, Abu Dhabi has most of the oil with 92 billion barrels while Dubai has 4 billion barrels and Sharjah has 1.5 billion barrels. Most of the oil is in the Zakum field which is the third-largest in the Middle East with approximate 66 billion barrels. The UAE's reserves-to-production is about 18 years.

7. Kuwait :-

The petroleum industry in Kuwait is the largest in the country, accounting for nearly half of the country's GDP. Kuwait has proven crude oil reserves of 104 billion barrels, accounting for about 9% of the world's reserves. Kuwait has proven reserves equal to 774.6 times its annual consumption. Kuwait's oil reserves are the fourth largest in the world and the Burgan Field is the second-largest oil field. Kuwait is the world's eleventh largest oil producer and seventh-largest exporter. Most of Kuwait's oil reserves are found in the Burgan field, the second-largest conventional oil field in the world, which has been producing oil since 1938. Kuwait shares half of the 5 billion barrels in the Saudi-Kuwaiti neutral zone with Saudi Arabia.

6. Russia :-

Russia holds 107 billion barrels of proven oil reserves as of 2016, accounting for about 4.8% of the world's total oil reserves. Russia has proven reserves equivalent to 60.4 times its annual consumption. Russia consumes 3,631,287 barrels per day of oil. Russia produces 11,262,746 barrels per day of oil. Russia exports 45% of its oil production. There have been widely fluctuating estimates of proven oil reserves in Russia. The largest share of oil and gas production activities in the country take place in Western Siberia, which has been exploited since the 1970s and supplies two-thirds of Russian oil. The second leading region is the Volga-Ural oil and gas province, with major oil deposits situated in Bashkortostan and Tatarstan republics.

5. Iraq :-

Iraq holds 143 billion barrels of proven oil reserves, ranking 5th in the world and accounting for about 8.7% of the world's total oil reserves. Iraq produces 4,443,457.39 barrels per day of oil. Iraq exports 80% of its oil production. Iraq has proven reserves equivalent to 457.4 times its annual consumption. Iraq ranks 26th in the world for oil consumption, accounting for about 0.9% of the world's total consumption. Iraq consumes 857,000 barrels per day of oil.

4. Iran :-

Iran holds 155 barrels of proven oil reserves, ranking 4th in the world and accounting for about 9.5% of the world's total oil reserves. Iran produces every year an amount equivalent to 1.0% of its total proven reserves. Iran exports 43% of its oil production. Iran has proven reserves equivalent to 239.2 times its annual consumption. Iran consumes 1,803,999 barrels per day of oil. Iran ranks 12th in the world for oil consumption, accounting for about 1.9% of the world's total consumption. Iran produces 4,376,194.36 barrels per day of oil ranking 7th in the world. Iran's oil reserves would last 145 years if no new oil was found. Iran shares a massive offshore field in the Persian Gulf with Qatar.

3. Canada :-

Canada holds 172 billion barrels of proven oil reserves, ranking 3rd in the world and accounting for about 10.4% of the world's total oil reserves. Canada has proven reserves equal to 188.3 times its annual consumption. Canada consumes 2,486,301 barrels per day of oil. Canada ranks 9th in the world for oil consumption, accounting for about 2.6% of the world's total consumption. Canada produces 4,596,724.82 barrels per day of oil. Canada produces every year an amount equivalent to 1.0% of its total proven reserves. Canada exports 40% of its oil production. Out of 172 billion barrels, 166.3 billion barrels are found in Alberta's oil sands and an additional 4.7 billion barrels in conventional, offshore, and tight oil formations. Alberta comprises nearly all of Canada's oil sands and much of its conventional oil reserves. Canada also has significant probable tight oil resources. As technology evolves, Canada’s proven oil reserves could grow even bigger.

2. Saudi Arabia :-

Saudi Arabia holds 298 billion barrels of proven oil reserves, ranking 2nd in the world and accounting for about 16.2% of the world's total oil reserves. Saudi Arabia has proven reserves equivalent to 221.2 times its annual consumption. Saudi Arabia consumes 3,302,000 barrels per day of oil. Saudi Arabia ranks 6th in the world for oil consumption, accounting for about 3.4% of the world's total consumption. Saudi Arabia produces 12,402,761 barrels per day of oil ranking 2nd in the world. Saudi Arabia produces every year an amount equivalent to 1.7% of its total proven reserves. Saudi Arabia exports 59% of its oil production. A large fraction of these reserves come from a small number of very large oil fields, and past production amounts to 40% of the stated reserves. Saudi Arabia maintains the world's largest crude oil production capacity.

1. Venezuela :-

Venezuela holds 304 billion barrels of proven oil reserves, ranking 1st in the world and accounting for about 18.2% of the world's total oil reserves of 1,650,585,140,000 barrels. Venezuela has proven reserves equivalent to 1,374.2 times its annual consumption. Venezuela consumes 598,000 barrels per day of oil. Venezuela ranks 31st in the world for oil consumption, accounting for about 0.6% of the world's total consumption. Venezuela produces 2,355,423.55 barrels per day. Venezuela produces every year an amount equivalent to 0.3% of its total proven reserves. Venezuela exports 73% of its oil production. Besides conventional oil, Venezuela has oil sands deposits similar in size to those of Canada. The Orinoco Belt alone is estimated to contain 900–1,400 billion barrels of heavy crude in proven and unproven deposits.