Financial

Which Countries Have the Biggest Crude Oil Reserves

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Crude oil also known as petroleum is the most profitable natural resource in the world country, the country with this natural resource is blessed with a booming economy and if they use the money properly they can offer their citizens with a lot of government services. This data comes from the CIA Factbook.

HowMuch used the West Texas Intermediate price to value the known reserves. WTI is used as a benchmark to set the crude price on the market.

Crude oil is a fossil fuel derived from marine plants and animals that died millions of years ago, before the dinosaurs. In its liquid form, crude oil can be found underground in reservoirs, sedimentary rocks, and tar sands.

Crude oil has been used to produce petroleum products such as gasoline, waxes, and plastics. It has also been heavily used in manufacturing, industrialization, and transportation. Since crude oil is found in certain geological areas, some countries are more likely than others to be sitting on large oil reserves.

 

Countries With The Biggest Crude Oil Reserves

 

10. United States

United States oil

United States oil

Crude Reserves (Barrels): 36,520,000,000
WTI Crude: 58.52

 

9.Libya

Libya oil

Libya oil

Crude Reserves (Barrels): 48,360,000,000
WTI Crude: 58.52

 

8.Russia

Russia oil

Russia oil

Crude Reserves (Barrels): 80,000,000,000
WTI Crude: 58.52

 

7.United Arab Emirates

United Arab Emirates Oil

United Arab Emirates Oil

Crude Reserves (Barrels): 97,800,000,000
WTI Crude: 58.52

 

6.Kuwait

kuwait oil

kuwait oil

Crude Reserves (Barrels): 101,500,000,000
WTI Crude: 58.52

 

5.Iraq

Iraq oil

Iraq oil

Crude Reserves (Barrels): 142,500,000,000
WTI Crude: 58.52

 

4.Iran

Iran Oil

Iran Oil

Crude Reserves (Barrels): 158,400,000,000
WTI Crude: 58.52

 

3.Canada

Why Support Alberta Oil

Why Support Alberta Oil

Crude Reserves (Barrels): 169,700,000,000
WTI Crude: 58.52

 

2.Saudi Arabia

Oil Saudi Arabia

Oil Saudi Arabia

Crude Reserves (Barrels): 266,500,000,000
WTI Crude: 58.52

 

1.Venezuela

oil venezuela

oil venezuela

Crude Reserves (Barrels): 300,900,000,000
WTI Crude: 58.52

 

 

Source: How Much | WTI

Melissa Dimon

Melissa Dimon is a recent graduate from University of Texas- Austin and Currently Serving as Editor In Chief For University Magazine

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