Venezuela has the biggest verified oil reserves in the world. According to World Atlas, Venezuela, as the country with the biggest oil reserve, has recently outranged Saudi Arabia, which is presently in the second position. Both countries together are the holders of 1/3 of the world oil reserve.
Top ten countries with the biggest oil reserve are:
- Venezuela – 300 000 000 barrels
- Saudi Arabia – 266 455 000 barrels
- Canada – 169 709 000 barrels
- Iran – 158 000 000 barrels
- Iraq – 142 503 000 barrels
- Kuwait – 101 500 000 barrels
- United Arab Emirates – 97 800 000 barrels
- Russia – 80 000 000 barrels
- Libya – 48 363 000 barrels
Georgia’s neighboring Azerbaijan is in the 20th position on the list with 7 mln barrels of verified oil reserve.
Although not number one the list, Saudi Arabia is still the leader of export – 15.9% of world crude oil export is covered by Saudi Arabia, while the proportion of Venezuela in exports is only 2.7%.
As of 2017, the companies, holding the biggest oil reserves are:
- Exxon Mobil Corporation – 2.940 bln barrels
- ConocoPhillips – 1.974 bln barrels
- Chevron Corporation – 1.916 bln barrels
- EOG Resources, Inc. – 1.808 bln barrels
- BP p.l.c. – 1.669 bln barrels
