What are the countries with the largest oil reserves in the world? With the number of barrels, this post is focused on the top 15 countries with the largest oil reserves in the world.
Oil is a fossil fuel formed by flammable oily substances with varying color, from colorless to a very dark liquid.
This flammable substance is widely used as a fuel for energy production. It is possible to classify it as the most used energy source in the world.
In addition, it is also widely used in the manufacture of plastics, medicines, diesel oil, gasoline, among other possible manufactures. For this reason, oil is widely explored and applied in world trade.
Check out where the 15 largest oil reserves in the world are located!
15 Countries With The Largest Oil Reserves In The World
1- Saudi Arabia
Saudi Arabia occupies most of the Arabian Peninsula, with a great coastline. In addition, the territory holds the largest oil reserve in the world.
This area has a large amount of oil, corresponding to more than 260 billion barrels of oil, more than 1.7% of the sum of reserves spread around the world.
Venezuela, located in South America, has more than 208 billion barrels of oil in its oil reserve. This amount is proportional to 1.36% of the entire world reserve.
Canada is the second largest country in the world and has the third largest oil reserves.
The amount of oil referring to this reserve is equivalent to 173.6 billion barrels, about 1.13% of the sum of barrels of oil in the world.
Iran ranks 4th among the countries with the largest oil reserves. Iran’s reserve represents 0.98% of the world sum, that is, 151.2 billion barrels of oil.
The Republic of Iraq is the third country in the Middle East with the largest oil reserves in the world, behind only Iran and Saudi Arabia.
The existing reserve in Iraq corresponds to more than 143 billion barrels, 0.93% of the sum of the world’s reserves.
Kuwait is located in the Persian Gulf and has a large amount of oil in its territory. The amount of barrels located in the country is close to 101 billion barrels, 0.66% of the world’s proven reserves.
7- United Arab Emirates
The reserve located in the United Arab Emirates – in the Middle East, mostly along the Persian Gulf – has more than 97.8 billion barrels of oil, proportional to 0.63% of the proven oil of the world’s reserves.
Russia is the largest country in the world, located to the north of Europe and Asia, occupies the 8th position among the nations with the largest oil reserves in the world.
The amount of oil tested in the reserve located in Russia represents 0.39%, an amount corresponding to 60 billion barrels.
Libya, located in the northern part of the African continent, has more than 48 billion barrels of oil in its territory, in proven reserves. This amount corresponds to 0.31% of the total worldwide quantity tested.
Nigeria is one of the West African countries rich in oil, it is also the most populous black nation. Nigerian territory holds approximately 0.25% of all known oil, amounting to more than 38 billion barrels.
Kazakhstan, located in Central Asia, has the 11th largest proven oil reserve. The region has approximately 30 billion barrels of oil, corresponding to 0.19% of the world’s proven quantity.
Brazil is in the 12th position among the largest oil reserves. The volume of oil found in the Brazilian region corresponds to approximately 0.18% of the proven reserves, more than 25 billion barrels.
13- United States
The United States has an oil reserve of approximately 19.1 billion barrels of oil. This amount is equivalent to 0.12% of the world amount.
China ranks 14th among the countries with the largest oil reserves. This region belonging to China has approximately 16 billion barrels of oil, which equates to just over 0.10% of the world’s proven reserves.
Qatar is a country in the Middle East and has the 15th largest proven oil reserve in the world.
The reserve has more than 15 billion barrels of oil, which is equivalent to 0.09% of the sum of the world’s oil reserves.