It’s interesting because people assume that Saudi Arabia has the largest oil reserves on earth. Instead, the real oil kingpin in OPEC is the South American country, Venezuela.
Venezuela has 300 billion barrels of proved oil reserves, according to OPEC’s data, ahead of Saudi Arabia’s 269 billion barrels of proven oil reserves. So, which other countries have the world’s largest proven oil reserves?
Canada total proved oil reserve has been estimated at 171 billion barrels. This places Canada in the number 3 spot in the world rankings, right behind Saudi Arabia, with an estimated at 269 billion barrels.
Top 20 Countries With The World’s Largest Proven Oil Reserves:
- Venezuela – 300 billion barrels
- Saudi Arabia – 269 billion barrels
- Canada – 171 billion barrels
- Iran – 157.8 billion barrels
- Iraq – 143 billion barrels
- Kuwait – 104 billion barrels
- Russia – 80 billion barrels
- United Arab Emirates – 98 billion barrels
- Libya – 48.3 billion barrels
- Nigeria – 37 billion barrels
- United States – 36.5 billion barrels
- Kazakhstan – 30 billion barrels
- Qatar – 25 billion barrels
- China – 24 billion barrels
- Brazil – 15 billion barrels
- Algeria – 12 billion barrels
- Mexico – 10 billion barrels
- Angola – 9 billion barrels
- Ecuador – 8.8 billion barrels
- Azerbaijan – 7 billion barrels
Note: Proven oil reserves are those that have a reasonable certainty of being recoverable under existing economic and political conditions, with existing technology.
