Eighth Largest Country with Major Global Oil Reserves – Kuwait
Kuwait is located in the Persian Gulf and acts as the cornerstone of economic stability. Kuwait has 101.500 Billion Barrels despite being a small country. It has almost 8% of the world’s known oil reserves. Primarily the oil reserves are in the Burgan field. Greater Burgan is the largest sandstone oilfield. According to OEC which is a leading exchange company in Kuwait the top destinations of crude petroleum exports from Kuwait are China, South Korea, India, Japan and Vietnam
Top 10 Countries with Major Global Oil Reserves
The top 10 countries with major global oil reserves are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Russia, UAE, Kuwait, USA, and Libya. Oil is also known as Black Gold and is an important resource to empower economies. It also helps to shape geopolitics. With more than 300 billion barrels of oil in reserve, Venezuela boasts the world’s greatest oil reserves. With 297.5 billion barrels of oil reserves, Saudi Arabia is the country with the second-highest global oil reserves.
Not every major oil producer has considerable established oil reserves. Varying sources give varying estimates of the United States crude oil reserves, but the EIA believes the country possesses about 36 billion barrels of producible crude and condensate.
In this article, we will look into the list of the top 10 countries with major global oil reserves, along with the quantity of oil reserves.
Table of Content
- About Countries with Major Global Oil Reserves
- List of Top 10 Countries with Major Global Oil Reserves
- Largest Country with Major Global Oil Reserves – Venezuela
- Second Largest Country with Major Global Oil Reserves – Saudi Arabia
- Third Largest Country with Major Global Oil Reserves – Canada
- Fourth Largest Country with Major Global Oil Reserves – Iran
- Fifth Largest Country with Major Global Oil Reserves – Iraq
- Sixth Largest Country with Major Global Oil Reserves – Russia
- Seventh Country with Major Global Oil Reserves – United Arab Emirates
- Eighth Largest Country with Major Global Oil Reserves – Kuwait
- Ninth Largest Country with Major Global Oil Reserves – USA
- Tenth largest Country with Major Global Oil Reserves – Libya
- Recent Developments in Major Global Oil Reserves