Countries that Have the Largest Oil Reserves in the World

Oil production is one of the most watched statistics in the global economy, as it is directly related to global economic output. What’s more is that 2022
has been a controversial year for black gold as well, with the Russian invasion of Ukraine upending global oil supply chains and fears of a demand drop
forcing Saudi Arabia and other OPEC countries to cut down their output – even when prices were soaring and an output drawdown could lead them
going even higher.

10. United States of America

Oil Reserves as of 2022: 47.10 billion barrels
The United States of America is the world's largest economy in nominal terms and also the world's largest oil consumer., and it also has one of the
world's largest petroleum reserves which stood at 378.6 million in 2022. The U.S. is home to some of the world's biggest oil companies such as Exxon
Mobil Corporation which is the world's largest oil company after Chinese and Saudi state owned firms.

9. State of Libya

Oil Reserves as of 2022: 48.36 billion barrels

The State of Libya is a North African country. Libyan oil production has been soaring in 2022, with the country supplying 1.15 million barrels in November.
8. United Arab Emirates

Oil Reserves as of 2022: 97.8 billion barrels

The United Arab Emirates is a Middle Eastern country with a $779 billion economy.. Oil and related products form close to a quarter of its export. UAE
produced 3.29 million barrels of oil in November.
7. State of Kuwait

Oil Reserves as of 2022: 101.5 billion barrels

The State of Kuwait is a West Asian country. Petroleum products account for more than half of its exports, and its national oil producer is Kuwait
Petroleum Corporation. Most of it oil is bought by Asian countries.
6. Russian Federation

Oil Reserves as of 2022: 108 billion barrels

The Russian Federation is a transcontinental country that is rich in natural resources. While Russia leads in natural gas production, it also has
considerable oil reserves. It has found it difficult to sell oil to Western countries this year due to sanctions and has instead turned to India and China for
its sales - at highly discounted rates. Russian oil has been capped at $60 per barrel by Western countries, to limit its ability to fund the Ukraine war.

5. Republic of Iraq
Oil Reserves as of 2022: 145 billion barrels
The Republic of Iraq is a Middle Eastern country. Oil exports are the largest portion of its economy. Iraq is also second largest oil producer, as it
pumped out 4.45 million barrels in November 2022. Major players in the Iraqi oil industry are PetroChina Company Limited and BP p.l.c.. Iraq has also
benefited from significantly growing its production this year.

4. Canada

Oil Reserves as of 2022: 170.3 billion barrels

Canada is a North American country. The bulk of its oil reserves are located in the Athabasca oil sands, and Canada’s largest oil company is Canadian
Natural Resources Limited. Canada was the fourth largest oil producer in 2021, when it produced 5.54 million barrels of oil per day and made Canada a
net oil exporter.

3. Iran

Oil Reserves as of 2022: 208.6 billion barrels

The Islamic Republic of Iran, or simply Iran, is a Western Asian country whose oil is one of the most controversial topics in the world. Irani oil is heavily
sanctioned by the U.S., which ends up restricting the number of customers that can buy it. Iran’s primary oil company is the National Iranian Oil
Company, which at a time was the second largest oil company in the world in terms of revenue but latest figures are harder to determine. Its primary oil
refiner is National Iranian Oil Refining and Distribution Company (NIORDC). Irani oil is often bought by India and China, with China.

2. Kingdom of Saudi Arabia (KSA)

Oil Reserves as of 2022: 258.6 billion barrels

The Kingdom of Saudi Arabia (KSA) is a dominating player in the global oil industry and the largest oil producer. Saudi Arabia’s national oil company,
Saudi Arabian Oil Company (TADAWUL:2222.SR), is also the world’s largest oil company in terms of revenue generated. Saudi Arabia came under a
bit of controversy earlier this year when it decided to reduce oil production even as prices were soaring in the aftermath of the Russian invasion of
Ukraine.

1. Bolivarian Republic of Venezuela

Oil Reserves as of 2022: 303.8 billion barrelsThe Bolivarian Republic of Venezuela, or Venezuela, is a South American country. Despite having the
largest proven oil reserves in the world, Venezuela ranks relatively low in the list of oil producing countries. However, the Russian invasion of Ukraine
and the resulting disruption in the oil supply chain might change things, as the U.S. eased some of its sanctions against the country this year. It has
also granted a license to Chevron Corporation to resume oil operations in the country.