Countries with the World’s Largest Proven Oil Reserves?
According to the BP Statistical Review of World Energy 2020, 14 countries make up 93.5% of the proven oil reserves globally. The countries on this list span five continents and control anywhere from 25.2 billion barrels of oil to 304 billion barrels of oil. The majority of countries with the largest oil reserves in the world are members of OPEC. Now composed of 14 member states, OPEC holds nearly 70% of crude oil reserves worldwide.
| Rank | Country | Oil Reserves (billion barrels) | Share of Global Reserves |
|---|---|---|---|
| #1 |   Venezuela | 304 | 17.8% |
| #2 |   Saudi Arabia | 298 | 17.2% |
| #3 |   Canada | 170 | 9.8% |
| #4 |   Iran | 156 | 9.0% |
| #5 |   Iraq | 145 | 8.4% |
| #6 |   Russia | 107 | 6.2% |
| #7 |   Kuwait | 102 | 5.9% |
| #8 |   UAE | 98 | 5.6% |
| #9 |   United States | 69 | 4.0% |
| #10 |   Libya | 48 | 2.8% |
| #11 |   Nigeria | 37 | 2.1% |
| #12 |   Kazakhstan | 30 | 1.7% |
| #13 |   China | 26.2 | 1.5% |
| #14 |   Qatar | 25.2 | 1.5% |
While these countries are found all over the globe, a few countries have much larger amounts than others. Venezuela is the leading country in terms of oil reserves, with over 304 billion barrels of oil beneath its surface. Saudi Arabia is a close second with 298 billion, and Canada is third with 170 billion barrels of oil reserves. Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding nearly half of the global share.
Canada accounts for almost 10% of the world’s proven oil reserves at 170 billion barrels, with an estimated 166.3 billion located in Alberta’s oil sands, and the rest found in conventional, offshore, and tight oil formations.
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