Second Largest Country with Major Global Oil Reserves – Saudi Arabia
Saudi Arabia was home to the biggest oil reserves for many decades but it was pushed to second place when new resources in Venezuela were discovered. A significant amount of oil fields are concentrated in small areas. Ghawar field which is the biggest oil field in the world is located in Saudi Arabia. Saudi Arabia holds an oil reserve of 258.600 Billion Barrels which is the second-largest oil reserve. Saudi Arabia also plays a key role in OPEC. The oil was first struck at the Dammam oilfield in 1938 and the oil industry flourished rapidly. The oil of Saudi Arabia is controlled by the monarchy which has majority ownership of the company Saudi Aramco. The company Saudi Aramco is the world’s most valuable oil company. The main destinations for Saudi Arabia’s crude oil export are China, Japan and South Korea.
Top 10 Countries with Major Global Oil Reserves
The top 10 countries with major global oil reserves are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Russia, UAE, Kuwait, USA, and Libya. Oil is also known as Black Gold and is an important resource to empower economies. It also helps to shape geopolitics. With more than 300 billion barrels of oil in reserve, Venezuela boasts the world’s greatest oil reserves. With 297.5 billion barrels of oil reserves, Saudi Arabia is the country with the second-highest global oil reserves.
Not every major oil producer has considerable established oil reserves. Varying sources give varying estimates of the United States crude oil reserves, but the EIA believes the country possesses about 36 billion barrels of producible crude and condensate.
In this article, we will look into the list of the top 10 countries with major global oil reserves, along with the quantity of oil reserves.
Table of Content
- About Countries with Major Global Oil Reserves
- List of Top 10 Countries with Major Global Oil Reserves
- Largest Country with Major Global Oil Reserves – Venezuela
- Second Largest Country with Major Global Oil Reserves – Saudi Arabia
- Third Largest Country with Major Global Oil Reserves – Canada
- Fourth Largest Country with Major Global Oil Reserves – Iran
- Fifth Largest Country with Major Global Oil Reserves – Iraq
- Sixth Largest Country with Major Global Oil Reserves – Russia
- Seventh Country with Major Global Oil Reserves – United Arab Emirates
- Eighth Largest Country with Major Global Oil Reserves – Kuwait
- Ninth Largest Country with Major Global Oil Reserves – USA
- Tenth largest Country with Major Global Oil Reserves – Libya
- Recent Developments in Major Global Oil Reserves