Largest Country with Major Global Oil Reserves – Venezuela
Venezuela has the largest oil reserves globally i.e. 303.806 Billion Barrels and is situated in South America. The reserves are mainly located in the Orinoco belt. Venezuela surpassed Saudi Arabia in 2011. Venezuela has faced many political unrest situations and thus development of these resources has taken a backseat. Venezuela also has oil sands deposits. Recently, Reliance Industries, Indian Oil Corp and HPCL-Mittal Energy have all secured cargoes of Venezuelan oil.
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