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Oil is one of the most valuable natural resources in the world, and its availability can have a significant impact on a country’s economy and political power. The table below highlights the top ten countries with the largest proven oil reserves.
Proven reserves refer to the amount of oil that is estimated to be recoverable with current technology and under current economic conditions. While there may be other countries with larger reserves that have not yet been fully explored or developed, these countries have already established themselves as major players in the global oil industry.
Top 10 Countries with the Largest Oil Reserves |
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| Rank | Country | Oil Reserves (Billion Barrels) | About |
| 1. | Venezuela | 303.2 | Venezuela has the largest oil reserves in the world, with over 300 billion barrels of proven reserves. Its oil industry has been nationalized since 1976. |
| 2. | Saudi Arabia | 266.5 | Saudi Arabia has the second-largest oil reserves in the world and is the largest exporter of petroleum liquids. It is also the largest economy in the Middle East. |
| 3. | Canada | 169.7 | Canada has the third-largest oil reserves in the world, mainly located in the oil sands of Alberta. The country is also a major exporter of petroleum to the United States. |
| 4. | Iran | 158.4 | Iran has the fourth-largest oil reserves in the world, with most of its reserves located in the Ahwaz oil field. The country is also a member of OPEC. |
| 5. | Iraq | 142.5 | Iraq has the fifth-largest oil reserves in the world, with most of its reserves located in the Basra and Majnoon oil fields. The country is also a member of OPEC. |
| 6. | Kuwait | 101.5 | Kuwait has the sixth-largest oil reserves in the world and is a member of OPEC. Its economy is heavily dependent on oil exports, which account for more than 90% of its export earnings. |
| 7. | United Arab Emirates | 97.8 | The United Arab Emirates has the seventh-largest oil reserves in the world, with most of its reserves located in the Abu Dhabi emirate. The country is also a member of OPEC. |
| 8. | Russia | 80.4 | Russia has the eighth-largest oil reserves in the world, with most of its reserves located in Western Siberia. The country is also the largest producer of crude oil outside of OPEC. |
| 9. | Libya | 48.4 | Libya has the ninth-largest oil reserves in the world, with most of its reserves located in the Sirte Basin. The country’s oil industry has been disrupted by political instability and conflict. |
| 10. | Nigeria | 36.9 | Nigeria has the tenth-largest oil reserves in the world, with most of its reserves located in the Niger Delta. The country is also a member of OPEC. |
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