Executive Education

Top 20 Countries With The World’s Largest Proven Oil Reserves

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:

  1. Venezuela – 300 billion barrels
  2. Saudi Arabia – 269 billion barrels
  3. Canada – 171 billion barrels
  4. Iran – 157.8 billion barrels
  5. Iraq – 143 billion barrels
  6. Kuwait – 104 billion barrels
  7. Russia – 80 billion barrels
  8. United Arab Emirates – 98 billion barrels
  9. Libya – 48.3 billion barrels
  10. Nigeria – 37 billion barrels
  11. United States –  36.5 billion barrels
  12. Kazakhstan – 30 billion barrels
  13. Qatar – 25 billion barrels
  14. China – 24 billion barrels
  15. Brazil – 15 billion barrels
  16. Algeria – 12 billion barrels
  17. Mexico – 10 billion barrels
  18. Angola – 9 billion barrels
  19. Ecuador – 8.8 billion barrels
  20. 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.

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Jessica Todd Swift
Jessica Todd Swift is the deputy managing editor of the CEOWORLD magazine. She is a veteran business and tech blogger, journalist, and analyst. Jessica is responsible for overseeing newsroom assignments and publishing and providing support to the editor in chief.