Which Country Has the Biggest Oil Barrel Reserve?

While population size, economic growth and general standards of living are all important indicators; the scope of a country’s oil barrel reserves also has some serious sway. If you want to know which nations come up trumps, read on for our guide to the highest performing countries on the planet. At least when it comes to oil…

Venezuela - 298,350

It may cover just 916,445 km2 but when it comes to the biggest oil reserves on the planet, Venezuela takes the crown. The South American country is sitting on a huge 298,350 million barrels.

Saudi Arabia - 268,350

The largest Arab state in Western Asia has a reputation for resources and with 268,350 million barrels to its name, the figures do not disappoint. Its supplies are spread across the Kingdom, and make up one fifth of the world's total conventional oil reserves.

Canada - 173,000

As well as being rugged and naturally beautiful, Canada also boasts the world’s third largest supply of oil reserves. Alberta sits at the heart of the nation’s oil economy, with 97% of its 173,000 million barrels found in the province’s oil sands. 

Iran - 157,800

As the fourth largest oil reserve holder on the planet, Iran claims to have 157,800 million barrels to its name. These make up around 10% of the world's proven petroleum reserves.

Iraq - 144,211

Iraq’s oil has caused a huge amount of controversy, with some maintaining that its 144,211 million barrels are the sole source of the 2003 US invasion. Either way, it still remains the world’s fifth largest reserves holder.

Kuwait - 104,000

The majority of Kuwait’s reserves are located in the Burgan field, which boasts status as the world’s second largest conventional oil field.

UAE - 97,800

The Emirates claims to be sitting on 97,800 million barrels of oil, with Abu Dhabi claiming most of the supply. Dubai and Sharjah are also key players when it comes to reserves.

Russia - 80,000

With such an enormous footprint it’s something of a surprise that Russia comes in at eight on the worldwide list of oil reserve holders.

Libya - 48,014

The difference between Russian and Libyan oil reserves is quite significant, representing one of the biggest drops in the entire table. That said, Libya’s 48,014 million barrels still win it ninth place. 

Nigeria - 37,200

Nigeria claims to have access to 37,200 million barrels of oil and has been operating a profitable petroleum industry since 1956.

USA - 30,529

America may be one of the world’s most widely recognised oil producers but when it comes to reserves, it only manages to snag tenth place. Its reserves are estimated at 30,529 barrels, with a large percentage of its supply located in Texas and Alaska.

If you’re interested in finding out which countries produce the most oil, read our article: Which Countries Produce the Most Oil? And the following article will give you a good insight into the importance of oil production: What would happen if Oil Runs Out?