When you think of the countries with the biggest oil deposits the first one that comes to mind is of course Saudi Arabia – well not’s not the case. The UAE is definitely monetized their reserves better than any other nation on Earth.
Many nations with gigantic oil reserves have not skillfully exploited the liquid gold to enrich their economies – here’s looking at you Nigeria. Let’s explore with us the top 5 countries with the largest oil reserves.
Top 5 countries with the largest oil reserves
5. Iraq
- Reserves: Approximately 145 billion barrels
- Region: Middle East
- Highlights: Iraq’s reserves are among the most accessible and least explored in the world. The country has the potential to significantly increase its production capacity, contributing to global oil supplies.
4. Iran
- Reserves: Approximately 155 billion barrels
- Region: Middle East
- Highlights: Iran’s vast reserves are mainly located in the Persian Gulf region. Sanctions and political factors have impacted its oil industry, but Iran remains a key player in global energy markets.
3. Canada
- Reserves: Approximately 168 billion barrels
- Region: North America
- Highlights: Canada’s oil reserves are primarily found in the Alberta oil sands. These unconventional reserves require more complex extraction methods, but technological advancements have made them a crucial part of the global oil supply.
2. Saudi Arabia
- Reserves: Approximately 297 billion barrels
- Region: Middle East
- Highlights: As a leading member of OPEC, Saudi Arabia is a major player in global oil production. The Ghawar Field is the world’s largest onshore oil field, contributing significantly to the country’s reserves.
1. Venezuela
- Reserves: Approximately 303 billion barrels
- Region: South America
- Highlights: Venezuela holds the largest oil reserves in the world, primarily located in the Orinoco Belt. Despite its vast resources, political instability and economic challenges have hindered full exploitation of these reserves.
These countries dominate the global oil reserves, shaping the energy landscape and influencing geopolitical dynamics. Their vast resources ensure they remain pivotal in discussions about energy security and economic stability.
