Top 10 Richest Countries in Crude Oil Reserves in the World | Oil Reserves Ranking and Analysis 2023

Discover the top 10 countries in the world with the largest crude oil reserves in this informative video. From the Middle East to North America, we'll explore the countries with the most significant deposits of this vital natural resource. This video provides valuable insights into each country's oil industry, their production levels, and the estimated size of their reserves.
If you're interested in the global oil market or curious about which countries are leading the way in crude oil production, this video is a must-watch. We've compiled the latest data and statistics to create a comprehensive list of the top oil-producing nations.
So sit back and join us on this virtual journey through the world's top oil-producing nations, and learn more about the countries that power the global economy.
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Here we discuss The top ten countries richest in crude oil: The North African country Libya is estimated to have some 48.3 billion barrels of crude oil in reserves. Yet it is a relatively minor producer, with its daily average at around 1.2 million barrels. Political instability and power struggles among different factions following the civil war is the main reason for Libya’s consistent trouble in making the most of its oil resources. Sources estimate the U.S. crude oil reserves differently. The Energy Information Administration, put these at a little under 36 billion barrels and count condensate reserves separately. The World Population Review, count crude and condensates together, coming up with reserves of 68.8 billion barrels for the U.S. Per the EIA figures, crude and condensates together come in at around 74 billion barrels. Yet the country is the biggest crude oil producer in the world.
Kuwait has some 101.5 billion barrels in proven oil reserves, according to OPEC. The tiny Gulf state produces between 2.4 million and 2.67 million barrels of oil daily and exports some 1.7 million barrels per day. The state has big plans for its oil riches by 2030, Kuwait Petroleum Corporation plans to boost the country’s production capacity to as much as 4 million barrels daily.

OPEC’s third biggest oil producer, the United Arab Emirates, holds an estimated 111 billion barrels of crude oil and produces an average of 2.7 million barrels of it daily. UAE exports 2.3 million barrels daily, according to OPEC data. Besides a major oil producer and home to some of the world’s biggest reserves, the UAE is also an example of an economy that is using its main export commodity to diversify away from it. Russia has some 80 billion barrels in proven crude oil reserves, according to the EIA, and as of this month, produces around 9.4 million barrels daily. A couple of years ago, Russia was producing more than 11 million barrels daily, but the invasion of Ukraine and the Western sanctions that followed prompted a response, and one of the forms it took was a production cut. Even so, exports of crude and fuels have returned to pre war levels. Iraq, OPEC’s number-two producer, is home to proven reserves of some 145 billion barrels, with production at around 4.5 million barrels daily. Baghdad’s ambition is to match the output of its bigger fellow OPEC member Saudi Arabia but, according to analysts, it won’t be able to do that, with production capacity seen peaking at some 6.3 million barrels daily over the next five years.
Iran has oil reserves of 208.6 billion barrels and produces around 2.39 million barrels daily. Of this, it only exports a little over 760,000 barrels per day, per OPEC data. The reason for the substantial gap between reserves, production, and exports are, of course, U.S. sanctions that the former administration re-imposed on Iran.
Canada is home to 171 billion barrels of crude oil, most of it in the form of bitumen in oil sands: as much as 166.3 billion of the total is oil sands, concentrated in Alberta. That’s a tenth of the world’s total oil reserves. The country is the fourth largest oil producer in the world, with its daily average at over 5 million barrels last year, a record high.
The world’s second-largest producer and OPEC’s largest, Saudi Arabia, has proven reserves of some 267 billion barrels. Production was a little over 9 million barrels daily in 2021, which rose to 11.5 million barrels per day in 2022. Despite its tight hold of the production reins, the kingdom plans to expand its production capacity from the current 12 million barrels daily to 13 million barrels daily in 2027. Some analysts, however, have warned that Saudi Arabia is close to reaching its oil peak.

One of the most troubled countries in the world, Venezuela is also the country with the world’s largest oil reserves, pegged at over 300 billion barrels.