Here are the top countries with the biggest proven oil reserves, as reported by EIA.
10. NIGERIA
Proven oil reserves: 37.2
Total oil supply in 2012 (thousand barrels per day): 2,524.1
Nigeria’s hydrocarbon resources are the mainstay of the country’s economy, but EIA states that development of the sector is often constrained by instability in the Niger Delta
9. LIBYA
Proven oil reserves: 48.01
Total oil supply in 2012 (thousand barrels per day): 1,483
The holder of Africa’s largest proven oil reserves, Libya saw a disruption in oil production in 2011 due to conflict, but the country has recovered, and subsequently, has begun to increase supplies.
8. RUSSIA
Proven oil reserves: 80
Total oil supply in 2012 (thousand barrels per day): 10,397
Russia, which also holds the world’s largest natural gas reserves and the second-largest coal reserves, is the second biggest oil supplier in the world after Saudi Arabia.
7. UNITED ARAB EMIRATES
Proven oil reserves: 97.8
Total oil supply in 2012 (thousand barrels per day): 3,213.2
Enhanced oil recovery techniques continue to underpin strong crude oil production totals and are an important strategy for extending the life of the country’s aging oil fields, states EIA.
6. KUWAIT
Proven oil reserves: 104
Total oil supply in 2012 (thousand barrels per day): 2,796.8
Kuwait boasts the second largest oil reserves in the GCC, behind Saudi Arabia and is also among the world’s top 10 largest exporters of total oil products.
5. IRAQ
Proven oil reserves: 141.35
Total oil supply in 2012 (thousand barrels per day): 2,986.6
Despite having large proven oil reserves, increases in oil production have fallen behind ambitious targets because of infrastructure constraints and political disputes, says EIA.
4. IRAN
Proven oil reserves: 154.58
Total oil supply in 2012 (thousand barrels per day): 3,538.4
International sanctions have drastically impacted Iran’s energy sector – the country’s oil production fell dramatically in 2012, from over 35 million barrels per day in 2011 to just over 3.5 million bpd in 2012.
3. CANADA
Proven oil reserves: 173.105
Total oil supply in 2012 (thousand barrels per day): 3,854.4
Canada’s oil sands are a significant contributor to the recent growth in the world’s liquid fuel supply and comprise the vast majority of the country’s proven oil reserves.
2. SAUDI ARABIA
Proven oil reserves (billion barrels): 267.91
Total oil supply in 2012 (thousand barrels per day): 11,545.7
Saudi Arabia has almost one-fifth of the world’s proven oil reserves and ranks as the largest producer and exporter of oil in the world.
1. VENEZUELA
Proven oil reserves in 2013 (billion barrels): 297.6
Total oil supply in 2012 (thousand barrels per day): 2,489.2
Venezuela surpassed Saudi Arabia last year to become the holder of the largest oil reserves in the world. However, annual oil production of the OPEC supplier is considerably less than the Kingdom.
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