This list provides top 10 oil production countries in terms of fuel reserve. Starting from Venezuela holding the top position followed by Saudi Arabia in 2018. While countries like Canada has an oil reserve of about 172 billion barrels, followed by Iran with an proven oil reserve of about 150 billion barrels.
South American nation Venezuela is not only famous for giving a record number of Miss Worlds to the globe, it also an oil reserve giant. Venezuela is the home to world’s largest proven oil reserves at an estimated 297+ billion barrels, which account for 20% of the global reserves.
Saudi Arabia is currently holding the 2nd position in the list of biggest oil reserve in the world. Currently it is estimated estimated to be around 268 billion barrels, including the oil rich Saudi-Kuwaiti neutral zone. Saudi Arabia was the leader in terms of biggest oil reserves in the world, until Venezuela toppled them in 2011.
At the beginning of the year 2015, the number of proven oil reserves in Canada was estimated at 172 billion barrels. The province of Alberta houses around 95% of Canada’s total oil reserves through its oil sands deposit and also through its conventional oil reserves.
The Middle Eastern country, Iran is the currently the 4th largest base for proven oil reserves in the world, with an estimated 150 billion barrels, ranked right after Canada. Iran would jump up to 3rd place, if Canada’s unconventional oil reserves are excluded from the count.
Iran’s neighbouring country, Iraq is home to world’s 5th largest proven oil reserves in the world. Estimated at 140 billion barrels, the proven oil reserves mainly come from the cities of Basra,Baghdad, Ramadi and Ba’aj. Interestingly the majority of the oil reserves lie in Shiite Muslims occupied area of Iraq.
As of now the oil reserves of Kuwait is nearly about 8% of the world’s total proven oil reserves, which includes 104 billion barrels of its own and 5 billion barrels, which Kuwait shares with Saudi Arabia through the Saudi-Kuwait neutral zone.
UNITED ARAB EMIRATES
Close on the 6th ranked Kuwait’s heels Is United Arab Emirates, also known as simply Emirates. UAE consists of nearly about 98 billion barrels of proven oil reserves, out of which Abu Dhabi alone contains 92.2 billion barrels, Dubai has 4 billion barrels, Sharjah has1.5 billion barrels, while Ras-al-khaimah has 500 million barrels.
World largest geographical nation Russia is home to an estimated 80 billion barrels of proven oil reserves. The Russian Government claims potentially huge estimates of possible oil reserves in Western Siberia, which currently make up for two-thirds of Russian oil.
Libya is home to the largest in Africa and currently the 9th largest oil reserves in the world. Libya’s proven oil reserves are estimated at 46.4 billion barrels, with the majority of its oil being exported to European countries. Due to its low oil production cost, Libya is considered a lucrative oil area.
Yet another African nation, Nigeria is placed on the 10th rank in terms of having the largest proven oil reserves in the world, making it an oil rich country. With an estimated 37 billion barrels of proven oil reserves, the oil sector accounts for 14% of Nigeria’s economy which includes the export of crude oil.