Countries with the largest oil reserves

Countries with the largest oil reserves

  1. Venezuela – proven oil reserves (barrels): 297.7 billion barrels. The country remains heavily dependent on oil revenues, accounting for approximately 96% of export earnings, about 40% of government revenues and 11% of GDP.
  2. Saudi Arabia – oil reserves (barrels): 268.4 billion The country was the largest player in the oil market last year. Last November, Saudi Arabia, like other members of OPEC, refused to cut production quotas after oil prices began to fall.
  3. Canada – oil reserves (barrels): 173.2 billion Canada exports oil to the US and Europe. In general, it is the largest foreign supplier of oil to the United States.

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