Oil and petroleum products are essential for transportation, industrial purposes, and all of these are tied to the global economy. The world’s oil supplies are not permanent and will be depleted over time. Venezuela is the current leader in oil reserves, with 296 billion barrels, and is continually prospecting for additional deposits, according to the Government Survey. The current total estimated oil reserve in the world is 1,392,461,050,000 barrels, based on the examination of geological and technical data (survey of 2010-11).
Nigeria is a country in Africa that is the major oil producer in the area and has the world’s tenth-largest oil reserve. As of 2011, this country’s oil reserves were 37,200,000,000 barrels.
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 are exported to the European markets.
Russia is the largest country in the world as well as economically. The oil reserve in this country is 74,200,000,000 barrels based on the current exploration of Oil. It is the largest producer and exporter of oil in the world after the 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 most of the Oil reserved in Abu Dhabi with 92 billion barrels and the rest of the Oil reserved in Dubai, Sharjah. Presently UAE produces 2.9 million barrels per day.
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.
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.
The officially confirmed reserves at approximately 143,500,000,000 barrels that is the 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.
According to the Iran Government 150,000,000,000 barrels of oil reserves, is 10% of the world’s total petroleum reserves. It was producing an estimated 4.172 million barrels of Crude oil per day as of 2009.
Canada is one of the largest countries in the world and the oil reserve is 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 countries 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 the Ghawar field is the largest in the world with an estimated 70 Gbbl of remaining reserves.
The reported proven reserve of over 297,000,000,000 barrels that surpass that of the former long term leader ‘Saudi Arabia’. Some surveys are 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.