Top 10 Countries With The Largest Oil Reserves

By | March 16, 2023

There are a number of countries in the world that have proven oil reserves, the so-called proven oil reserves. That is to say that the oil reserves in these countries can almost certainly be extracted for commercial purposes in the future. This has been determined by analysis of geological and technical data. The overview is based on current economic conditions and known oil sources. About 70% of the current oil supply is in the hands of the OPEC countries. Below you will find the top 10 countries with the largest oil reserves. Check areacodesexplorer for list of biggest fans in Brazil.

10. Kazakhstan

Kazakhstan is the eighth largest country in the world. Oil production in the country has expanded considerably in recent years and new oil wells are being tapped on the assembly line. Experts expect Kazakhstan to become one of the largest oil producers in the world. Oil makes up a third of Kazakhstan’s exports and a quarter of its gross national product. Estimated oil supply: 30 to 39.8 billion barrels.

9. Libya

North African Libya is in the reconstruction phase after dictator Muammar Ghadafi was ousted in 2011. The Libyan economy is largely dependent on the oil sector. It has been a member of OPEC since 1952. Oil makes up 97% of exports and 80% of gross national product. Libya has the largest proven reserves of oil in all of Africa. The country also exports a lot of gas, especially to Italy. Estimated oil reserves: 48 billion barrels.

8. Russia

Russia is one of the largest oil and gas producers and has one of the largest mineral and energy reserves. In addition, the country has the largest natural gas reserves and the second largest coal reserve. Russia is also the largest gas producer and gas exporter. Estimated oil reserves: 80 billion barrels.

7. United Arab Emirates

The United Arab Emirates consists of seven emirates: Abu Dhabi, Dubai Sharjah, Ajman, Fujairah, Ras al-Khaimah and Umm al-Quwain. It is one of the most developed economies in Western Asia; per capita income is the highest in the world. The share of oil and natural gas in the economy is 85%. Estimated oil reserves: 105 billion barrels.

6. Kuwait

Oil was already discovered in Kuwait in the 1930s, but the real economic growth only came in 1961. In 1990 Kuwait was occupied by Iraq, which resulted in the first Gulf War. According to the World Bank, Kuwait has a well-developed economy with the highest incomes, highest life expectancy and highest standard of living in the Arab world. The economy runs for 80% on oil products. 95% of exports are oil. Estimated oil supply: 103.98 to 111.5 billion barrels.

5. Iraq

West Asian Iraq has a unique landscape for the region. Thanks to the two major rivers, the Euphrates and the Tigris, the land is fertile enough for large-scale agriculture. Iraq is a founding member of the Organization of Petroleum Exporting Countries, or OPEC. This is an organization of oil exporting countries. Iraq hopes to increase its oil production even further by concluding contracts with companies in the international oil industry for the exploitation of its oil fields. Estimated oil supply: 143 to 147 billion barrels.

4. Iran

Iran is located in western Asia. It is a developing country with 65 million people. Iran plays an important role in the world economy, thanks to its large oil and gas reserves. The country owes 45 percent of its income to oil and gas revenues. Estimated oil reserves: 151 to 154 billion barrels.

3. Canada


Canada is the third largest country in the world. It is one of the few developed countries that exports energy. The country has large reserves of gas offshore. The province of Alberta has significant reserves of oil and gas. Canada scores high on issues such as income equality and economic freedom. Estimated oil supply: 173 to 175 billion barrels.

2. Saudi Arabia

Saudi Arabia

In terms of land area, Saudi Arabia is the largest country in western Asia. Oil reserves are mainly concentrated in the east of the country. Oil makes up 95% of exports and provides 70% of the country’s income. Saudi Arabia also has the sixth largest gas reserves in the world. Estimated oil reserves: 297 billion barrels.

1. Venezuela


Venezuela offers a wide variety of landscapes, such as mountains, rainforests and river deltas. It is one of the most urbanized countries in South America. Venezuela is one of the largest crude oil producers in the world. The country has huge reserves at Lake Maracaibo, the Gulf of Venezuela and the Orinoco River. It is striking that Venezuela, despite the enormous oil and gas reserves, is not dependent on it for electricity. It is mainly generated using hydropower. Estimated oil reserves: 300 billion barrels.