Venezuela have about 1.4 trillion barrels, the largest oil reserves in the world. Venezuela is one of the richest countries in terms of oil resources, and the crude oil, more than 90% of the country’s export earnings.
Five Arab countries ranked after Venezuela in oil reserves count with 661 billion barrels, followed by Saudi Arabia with 268 billion barrels. Canada came third with reserves of 169.7 billion barrels.
Iran ranked fourth with a reserve of 160 billion barrels, followed by Iraq with 142.5 billion barrels. Kuwait came in sixth with 101.5 billion barrels.
The United Arab Emirates came in seventh place with estimated reserves of 97 billion barrels. Russia ranked eighth with reserves of 80 billion barrels.
Libya came in the ninth with 48 billion barrels of reserves and Nigeria with 73 billion barrels.
The Organization of the Petroleum Exporting Countries (OPEC) has more than 80 percent of the world’s proven oil reserves, with ten of the world’s biggest oil reserves – Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, Russia UAE, Nigeria and the United States.
US oil reserves have increased in recent years with unconventional methods of exploration, reaching 39.2 billion barrels.