Among the largest oil reserves in the world, some of the countries of significant importance are in the region of political conflict in the Arab world and in the Middle East. And 80% of the world’s oil reserve are in control of countries of the Organization of Petroleum Exporting Countries, OPEC, with 12 countries including 7 Arab countries.
Instability hits the price of oil worldwide. With Libya’s rise in violence, analysts forecast prices by raising the price of the barrel in markets.
The importance of oil to the world deserves attention in any circumstance. In the event of failure, the cities, industries, means of transport would stop, like all the activities that result. Hence the relevance of the 10 largest oil reserves in the world, being the same marked in this list.
The country is the environment for major conflicts in the Arab world, with the tenth-largest national oil reserve. 46.4 billion barrels of oil, with 4.4% of the total amount controlled by OPEC countries. Operations are maintained, even with conflicts between opposition and government.
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9: Kazakhstan (Largest Oil Reserves)
The country is not part of OPEC, but it stands out among the 10 largest oil reserve in the world. Across Kazakhstan is around 30 billion barrels of the commodity, equivalent to about 10% of oil with control by non-member countries related to the cartel.
They are compositions of the Russian Federation, oil reserves in total 60 billion barrels, which is a major highlight among the 10 largest oil reserves in the world. They are around 20% of the country’s oil, controlled by non-OPEC countries. Undoubtedly, oil is an essential factor for the main activities, as in the economic level, and the largest reserve usually stands out internationally.
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7: United Arab Emirates (Largest Oil Reserves)
Number 7 on our list of largest oil reserve is the United Arab Emirates. There are 97.8 billion barrels of oil in the United Arab Emirates, with the seventh-largest reserve in the world. According to OPEC information, the confederation has control of 9.2% of OPEC’s own oil.
Kuwait is the sixth country with the largest oil reserves in the world, making up the top 10 reserves. According to OPEC’s calculations, Kuwait owns 101.5 billion barrels of oil per country or 9.5% of the total amount under OPEC control.
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5: Iraq (Largest Oil Reserves)
This Arab country in the Middle East presents the fifth largest oil reserve, making up the list of the 10 largest in the world. According to OPEC, the country has a volume of 115 billion barrels, equivalent to 10.8% of the volume owned by the cartel members.
Iran, on the other hand, is not the scene of violent demonstrations, but there have been protests. And the nation accounts for 12.9% of OPEC oil, holding 137.01 billion barrels, the fourth largest in the world.
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3: Canada (Largest Oil Reserves)
Canada composes the list of the 10 largest oil reserves in the world, with the third-largest quantity in the commodity in the territory. And the country is not a member of OPEC, as long as there are 178 billion barrels, according to cartel data from exporting countries.
Number 2 on our list of largest oil reserves in Venezuela. Venezuela represents the second-largest oil reserve in the world, equivalent to 19.8% of OPEC’s quantity. And according to the organization, the country holds 211.17 billion barrels of oil.
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1: Saudi Arabia (Largest Oil Reserves)
And Saudi Arabia is the leader of the oil in the world, with the largest reserve according to OPEC data for 2009. Saudi Arabia owns 25% of all reserves of the cartel of exporters of the commodity, equivalent in around 264 billion barrels of oil. Undoubtedly, a very important production attracting the attention of the countries around the world.
So, that’s it for the list of 10 largest oil reserves in the world. If you know any other oil reserves, just let us know in the comments below.