These are the countries with the biggest oil reserves.
1. Venezuela
Venezuela has the biggest oil reserves in the world, we can estimate that they are over 300 billion barrels.
On the other hand sanctions of the United States, a continuing economic crisis and a failure to properly utilize the economic benefits of being an oil rich nation, has left the country behind.
The first decade of the 21st century saw the Venezuelan economy become deeply troubled, resulting from a drastic slump of oil prices, which in the preceding two decades brought the country substantial prosperity.
Prior to the full blown recovery, United States imposed sanctions which brought the output down to a fugue state, in 2022, it is around 600,000 to 700,000 bpd.
On average, this chart shows 600,000 bpd were exported .
2.Saudi Arabia
Saudi Arabia, the largest Member State of Organization of the Petroleum Exporting Countries and the second-largest world oil producer, has been holding more than 267 billion barrels of proven reserves.
Production had an upswing in 2022 of about 11.5 million barrels daily after reaching over 9 million in 2021.
Nevertheless, the latest reductions in OPEC+’s operational level cut the production by 500 thousand barrels a day.
By the year 2027 the monarchy plans to double the production rates form 12 million barrels per day which is the current production level to 13 million barrels per day with the total control of the royal family over the output.3.
Iran Iran produces 2.39 million barrels per day and the country`s oil reserves are estimated at 208.6 billion barrels.
According to the data of the Organization of the Petroleum Exporting Countries, it is only exports 760 thousand bpd, which is slightly over.
The possible cause of an extreme difference in reserves, output and exports can be identified as the re-enforcement of economic sanctions by the previous government on Iran, the part of which was to prevent the Iranian economy from benefiting from oil exports revenue.
Iran has been successfully shipping petroleum, exceeding 1.13 million bpd´s export at the end of 2022 and is expected to go on increasing in 2023 while there is still sanction in play and efforts failed to remove them.
4.Canada
There being 171 billion barrels of crude oil in Canada, most of which is oil sands bitumen; about 166.3 billion are oil sands, in the majority located in Alberta.
That is equal to 15% of the world’s oil reserves.
In the past year, Canada has had a daily average of almost 5 million barrels was an all-time record.
Amazingly, in spite of the fact that the federal government works hard to reduce the company’s operation because of its carbon footprint, the output boost is increased.
However, they continue to produce because gasoline (petroleum) is in demand.
5.Iraq
Iraq is the second largest Organization of the Petroleum Exporting Countries member next to Saudi Arabia being one of the major oil producers worldwide.
Renowned sources indicate that the country produces over 4.5 million barrels per day with approximately 145 billion barrels of proven reserves.
On average, Iraq exports 3.4 million barrels per day.
Moreover, it is like Kuwait in having ambitious objectives.
Economists forecast that Iraqi capital production will not be able to catch up with Saudi Arabia output as its highest production capacity is estimated to reach to 6.3 million barrels per day in next 5 years.
6.United Arab Emirates
The UAE, another Organization of the Petroleum Exporting Countries member and the third largest oil producer, produces an average of 2.7 million barrels of crude oil per day from its reserve of 111 billion barrels.
Organization of the Petroleum Exporting Countries data reflects the fact that it is exactly 2.3 million barrels per day available.
In addition to the sky-high production levels of oil, the UAE keeps the biggest extraction reserves of petroleum and shows an example of a diversified economy that is no longer fixed only on its primary good exports.
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