Top 10 countries in the world's biggest oil reserves

 Top 10 countries with world’s biggest oil reserves…

Venezuela:

Let us start the list with the top country in the world with biggest oil reserve and that is Venezuela which has the largest oil reserves. This country has almost 300 billion barrels of oil reserves. Till 2011, it was Saudi Arabia that has the largest oil reserves in the world, but since then, this country, Venezuela has surpassed the list and is at the top at present. The oil sand deposits of Venezuela are very much similar to those present in Canada.

Saudi Arabia:

     For several decades, it was Saudi Arabia that has held the first place in the top 10 countries with world’s biggest oil reserves, but since 2011, it has been Venezuela. Saudi Arabia stands in the second place with more than 266 billion barrels of oil reserves. The reserves of Saudi Arabia are considered to form a 5^th of the globe’s entire conventional reserves. There are many people who believe that Saudi Arabia is going to surpass the record of Venezuela in just a few days and take back its first place.

Canada:

With 171 billion barrels of oil reserves, Canada stands in the third place of the world’s top 10 countries with the biggest oil reserves. Canada’s 95 percent of the reserves are the oil sand deposits in the Alberta province of the country. Most of the oil from Canada is exported to USA. Along with that, the oil sands of Canada contribute to the liquid fuel supply across the world from the past few years.

Iran:

With close to 160 billion barrels of oil, Iran takes the fourth place in the list of biggest oil reserves countries in the world. If you are looking for the most accessible oil reserves, Iran stands right next to Saudi Arabia and Venezuela. It was in 1908, oil was actually produced in Iran. When you look at the current extraction rate of Iran, the oil from this country will last for another 100 years for sure.

Iraq:

In the fifth position, you have Iraq with 143 billion barrels of oil reserves. Over the past few decades, military occupants and civil unrest have decided the national scene of the country and hence it may not be possible to get the exact oil holdings globally. But the country has been planning to develop their oil infrastructure of the country in the past few years.

Kuwait:

Kuwait is popular as a small country in the world, but when it comes to oil reserves in the world, this country holds the sixth place. It contributes to the world’s oil reserves and holds 8 percent of the global oil reserves. It is having almost 108 billion barrels of oil reserves and Burgan is the place where more than 70 percent of the oil reserves of Kuwait are located. Since 1938, this country Kuwait has been producing oil from the oil fields.

United Arab Emirates:

In the 7^th place, you have United Arab Emirates with 98 billion barrels of oil reserves. Zakum fields have almost 66 billion barrels of this oil reserves and this is 3^rd largest in the Middle East. More than 90 percent of the oil reserves of United Arab Emirates are held in Abu Dhabi, Dubai and Sharjah.

Russia:

Russia is holding the 8^th place in the list of top 10 countries with world’s biggest oil reserves. It has almost 80 billion barrels of oil reserves. In the Siberian plains, most of the oil reserves from Russia are present. The production of oil slowed down at some point of time due to the Soviet Union collapse, but later again that condition changed and its production bounced back. This was due to the privatization of all the energy industries. The exploration process of oil is still continuing to boost the oil reserves in arctic ice and waters.

Libya:

With 48 billion barrels of oil reserves, Libya stands in the 9^th place in the list of top 10 countries with world’s biggest oil reserves. This is the country with the largest oil reserves in the entire South Africa. There is a very large part of the country, where there are a lot of chances of finding and producing oil is left unexplored. The sanctions on the overseas oil companies has started the exploration activity in Libya and since then they have been exploring oil.

United States of America:

With just 39 billion barrels of Oil reserves, United States of America is holding the last place in the list of top 10 countries with world’s biggest oil reserves. The oil reserves of United states of America have reached new heights due to the new methods that have been adopted for drilling has and shale oil in the country. Since 1975, it is the year 2016, United states of America was able to reserve more than 36 billion barrels of oil reserves in the country.