Countries with the largest Oil Reserves in the World

Oil and Petroleum Products are very crucial for the Transportation, Industrial Purpose and all these linked with a total economy of the world. The Oil reserves in the World are not permanent, that is limited for years. Venezuela is the present leader of Oil reserves on the Survey of Government that 296 billion barrels and still exploring for new Oil reserves. The Oil reserves estimated by the analysis of geological and engineering data, the Present total estimated Oil reserve in the World is 1,392,461,050,000 barrels (survey of 2010-11).

Oil Well

Photo by Joyce and Steve via Flickr

11. Nigeria

Nigeria is the Country in the region of Africa and is the largest oil producer in the region of Africa and 10th largest Oil reserve in the world. This Country has 37,200,000,000 barrels of oil reserves as of 2011.

10. Libya

Libya is a country in North Africa bordered by the Mediterranean Sea, Egypt, Sudan, Chad, Niger, Algeria and Tunisia, Libya is the third largest country in Africa by Area. The Total Oil reserve found in Libya is 47,000,000,000 barrels as of 2010. Libya’s 85% of oil products exported to the European markets.

9. Russia

Russia is the largest country in the world as well as economically. The oil reserve in this country is 74,200,000,000 barrels that based on the current exploration on Oil. It is the largest producer and exporter of oil in the world after Arab League, presently Russian Oil Production had increased to 10,540,000 barrels per day.

8. United Arab Emirates

Oil reserves in the UAE according to the government are around 98,000,000,000 barrels and the most of the Oil reserved in Abu Dhabi with 92 billion barrels and rest of the Oil reserved in Dubai, Sharjah. Presently UAE produces 2.9 million barrels per day.

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7. Kuwait

Kuwait holds approximately 104,000,000,000 barrels of Oil reserve, this country’s most of the income from Oil production. Most of the major Oil fields are over 60 years old. Kuwait owns 8% of the oil reserves in the world.

6. Mexico

Mexico is the country in the region of North America which is bordered by the United States. Economically, Mexico is developed with $1.629 trillion income. The Oil reserve of this country is 139,020,000,000 barrels.

5. Iraq

The Officially confirmed reserves at approximately 143,500,000,000 barrels that is 5th largest oil reserve in the world. The government of Iraq reported that the new exploration has shown Iraq has more than 350 billion barrels, But that is not officially confirmed.

4. Iran

According to Iran Government 150,000,000,000 barrels of Oil reserves, this is the 10% of the world’s total petroleum reserves. It was producing estimated 4.172 million barrels of Crude oil per day as of 2009.

3. Canada

Canada is one of the largest countries in the world and oil reserve estimated at 179,000,000,000 barrels and ranked third after Venezuela and Saudi Arabia. Canadian Oil Companies are producing nearly 5 million barrels per day.

2. Saudi Arabia

Saudi Arabia is one of the Gulf Country in the Middle East and the second largest oil reserved country in the World after Venezuela, estimated Oil reserve is 267,000,000,000 barrels. Saudi Arabia has around 100 major oil and gas fields, and Ghawar field is the largest in the world with an estimated 70 Gbbl of remaining reserves.

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1. Venezuela

The reported proven reserve over 297,000,000,000 barrels that surpassing that of the former long term leader ‘Saudi Arabia’. Some survey estimated to contain 900 to 1400 billion barrels of heavy crude deposits in Venezuela. Venezuela is of the largest suppliers of oil to the United States.