When we see, any topic related to oil reserves of different countries, our minds strike that Saudi Arabia will be on top of the list but surprisingly it is not the fact. We are going to tell you in detail about the top 10 countries having largest oil reserves, as shown in the reports of Organization of the Petroleum Exporting Countries. Total oil reserves in the world are 1.48 trillion barrels.
Venezuela: Venezuela, situated in South America, is on the top of this list. The proven oil reserves of this country are 300.8 Billion Barrels. It supplied 2,489.2 Thousand Barrels per day in 2012 as shown in records. Though this country has larger oil reserves than Saudi Arabia. However, the annual production is considerably less than that of SAUDI ARABIA.
Saudi Arabia: Kingdom of Saudi Arabia is the 2nd largest country with larger oil reserves. Its proven oil reserves are 266.4 Billion Barrels and it has a supply of 11,545.7 Thousand barrels per day. Saudi Arabia holds almost 17% of the world’s total oil reserves. It is placed on the top of the list as it world’s largest oil producer and exporter.
Iran: The oil reserves of Iran are 158.4 Billion Barrels and it has a supply of 3,538.4 Thousand Barrels each day. It means that Iran supplies more Oil than Venezuela that has largest oil reserve in the world, even then the economy of Iran is weak and it is the result of American sanctions imposed on Iran. The oil production is reduced to 3.5 million barrels per day though it had been 35 million BPD before 2012. This shows that the International sanctions imposed on Iran are causing great damage to the country’s economy.
Iraq: Iraq has oil reserves of 142.5 Billion Barrels and its supply is 2,986.6 BPD (barrels per day). It is important to know that despite having larger oil reserves, the oil production is reduced because the infrastructure is damaged and political situation is also not stable.
Kuwait: The country with world’s strongest currency has 6th largest oil reserves in the world. The oil reserves are recorded as 101.5 Billion Barrels and daily supply is 2,796.8 BPD. If Kuwait is compared with the other GCC States, it has 2nd largest oil reserve among them.
United Arab Emirates: UAE has oil reserves of 97.8 Billion Barrels. It has a supply of 3,213.2 Thousand Barrels per day. Use of modern techniques and machinery for the recovery of oil continue to add in the production of crude oil. These techniques also extend the life of aging oil fields of the country.
Russia: Oil Reserves of Russia are calculated as 80 Billion Barrels; it has a supply of 10,397 Thousand Barrels per day. Natural gas reserves of Russia are largest in the world, it also holds2nd largest reserves of coal all over the world.
Libya: Oil reserves of Libya are calculated as 48.3 Billion Barrels with a supply of 1,483 Thousand Barrels per day. Libya holds largest oil reserves as compared with other African states. Oil production in Libya was reduced due to the political instability in the country but now it is increasing gradually
Nigeria: It holds oil reserves of 37.06 Billion Barrels and its total supply is 2,524.1 Thousand barrels per day. The economy of Nigeria depends on a lot on its resources of Hydrocarbon. The reports of EIA state that lack of stability in the Delta of Niger often damages the development in this sector.
United States: The first impression while talking about the USA that comes to mind is that they cannot be having oil reserves as it is associated with Middle Eastern countries. The fact is that the USA has world’s 10th largest oil reserves i.e. 36.7 Billion Barrels.
Canada: Canada has the world's 3rd largest oil reserves but OPEC does not include mined oil sand into its statistics.