Going by the latest data, Venezuela is the country with highest reserve of crude oil in the world. This South American nation has surpassed Saudi Arabia by a margin of 30 billion barrels. Canada is the only North American nation in the list. It is at the third position with 171 billion barrels of proved reserve. Iran and Iraq rank 4th and 5th respectively. Russia finds itself at the 7th position with a proved reserve of around 103.2 billion barrels. Two African nations – Libya and Nigeria – have proved reserves of 48.4 and 37 billion barrels of crude oil.
|List of Top 10 Oil Reserves Countries in the World|
|Rank||Country||Reserves of crude oil in billion barrels as on Jan 1, 2015|
|8||United Arab Emirates||97.8|
Source: CIA Factbook
Images of Proven Oil Reserves by Country
Last Updated on: June 23, 2016