Countries with Largest Oil Reserves in The World

Oil has been the main source of fuel for any vehicle out there whether on-air or on the ground. Not just that but oil has been the mainstay for other household items such as shampoos and even used for tar on the road.

Today, petroleum has been widely used as fuel by our vehicles as well as a way to generate heat and electricity for your home. Oil is also popular in the making of plastics, chemical ingredients, and many other synthetic processes.

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As you can see, oil has been beneficial for many countries worldwide and some of you might wonder which country actually owns most of these very valuable resources. Despite them being valuable and expensive, there are some countries out there that are in fact on the top list but it does not reflect the country's current wealth state.

There are countries that have an immense amount of oil but also have a bad economy.

7. United Arab Emirates (97 billion barrels)

Geographically, UAE is considered much smaller compared to the state of Maine but just because it is small, that doesn't mean that it is poor in oil. UAE is situated in the Arabian Gulf and believes it or not this country used to be poor and not as rich as you can see today.

Before the discovery of oil in the 1950s, the country's main source of income was mainly from fishery and selling glistering pearls. Dubai is the country's capital state and it is the most populated city in the UAE.

As you can see from the news, even their police cars consist of posh vehicles like Aston Martin One-77, Lykan Hypersport, Audi R8, and even Betley Continental GT.

6. Kuwait (101 billion barrels)

Situated in the Persian Gulf next to the richest country in oil Saudi Arabia as well as Iraq, Kuwait has an abundance of oil and gas especially since it contributes as much as 92% of the country's export. The search for oil in Kuwait started back in 1938 and oil was exported commercially in 1946.

The petroleum industry in Kuwait is considered the biggest industry in the country and comprises more than half of the country's Gross Domestic Product (GDP.) Kuwait will export the country's oil to other countries depending on the needs of the country since most of the energy generated in Kuwait came from its own source of oil.

On top of that, it is also dependent on the price and quota set by the Organization of the Petroleum Exporting Countries and Kuwait is a member of the organization.

5. Iraq (145 billion barrels)

Iraq ranks 5th as the biggest oil producer in the world in 2009 and is also on the top 5 list of the country with the most oil reserve in the world. Only a small part of Iraq has been explored for the country's oil and Iraq is one of the countries with a vast amount of oil that cannot be exploited due to various factors.

The energy sector in Iraq is highly dependent on oil since approximately 94% of the energy needs came from oil alone. Not just that, the revenue from the export of crude oil comprised two-thirds of the country's GDP in 2009.

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Ever since the war that broke loose and economic sanctions on Iraq, the country's economic sector has taken a big hit, especially the oil industry. As of now, the country's oil business is mostly controlled by private companies based outside of the country.

4. Iran (155 billion barrels)

Iran has a huge oil reserve enough to fulfill the country's demand, however ever since the controversy happening with America and other countries, Iran has had a hard time developing this industry.

In just a year 2019, Iran has reported having found 53 billion barrels of crude oil in the region of Khuzestan.

Ever since the US did an economic sanction on Iran, the country had a hard time trying to do business with other countries since they did not respect the truce regarding the production of nuclear in Iran.

3. Canada (167 billion barrels)

It was quite surprising that this North American country manage to make it in the top 3 of the list. Canada has huge oil reserves on the western side of the country, Alberta. This petroleum reserve is located in this country's controversial desert.

It seems that National Geographic has labeled Canada's oil operation as the most destructive in the world due to how tedious the extraction process is considering the amount of energy needed to get the oil.

Most of the oil extracted is exported to other countries and the US is one of the top importers of Canada. In the year 2015, the US alone consisted of 43% of Canada's oil imports.

2. Saudi Arabia (267 billion barrels)

Located in the Middle East, Saudi Arabia is very synonymous when it comes to the oil and gas industry. The company Standard Oil Co. was the first company to ever dug oil in Saudi Arabia back in 1933.

Saudi Arabia owns roughly 17% of the globe's oil reserves and the oil and gas industry contributed nearly 50% of the country's domestic product and around 70% of export revenue.

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Today, Saudi Aramco is the government's oil production company and it is by far the most profitable company in the world as well as the biggest oil producer in the world.

1. Venezuela (303 billion barrels)

The country Venezuela managed to make it to the top of the list and to your surprise it is also the country with several conflicts and poverties at its peak. Ironically, Venezuela has the biggest oil reserves in the world contributing an estimated 18% of the globe's oil reserves.

No wonder, the petroleum industry contributed as much as 90% of the country's exports. However, the infrastructure of the oil extraction of the country can be said to be left behind which is significant to the reduction of the annual oil production of Venezuela.

Crude oil is definitely crucial in the survival of mankind but perhaps as time goes by the depletion of these resources will make us wonder about the best alternative out there. Solar, Turbine, Wind or even Nuclear.

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