Today we are discussing the 10 largest oil reserves by country in the world in 2020. Insider Monkey’s latest article introduce ten countries to us that may not be superpowers, but their oil reserves are significant, and they are the largest countries in this field.
Oil is one of the most important source in the world, and even our modern world can’t be without it. It’s not only essential, but controversial, too. A country must be lucky to find oil, as it can’t be produced in tha factories and plants. The countries, you will see on this list (there are some exceptions, of course), weren’t wealthy before finding oil under the ground. Oil meant the way out of the poverty, and with the help of the black gold they could arise and develop.
Naturally if a country has great oil resources, it doesn’t mean automatically that the country’s future is secure, as we can see Venezuela’s example. The citizens there are lack of the most basic necessities, and live deep under the living standard. Now without a further ado, let’s see what are the top 10 countries with the largest oil reserves in the world in 2020.
10. Russia
Oil reserves: 80 billion barrels
Russie isn’t the largest one in the world, when it comes to oil reserves, but it can compete to Saudi Arabia, nevertheless its oil outout has been declining recently.
9. Qatar
Oil reserves: 25.2 billion barrels
It’s a small country with only 3 million citizens, and however 25.2 million barrels are much less than the other countries, its reserves are great.
8. Libya
Oil reserves: 48.4 billion barrels
The main source of Libya’s wealth comes from its oil, and recently more than 90% of its revenue comes from the export of gas and oil.
7. Iraq
Oil reserves: 142.5 billion barrels
As a matter of fact it’s unknown how big are their oil reserves, but it was not on purpose, more likely it’s because of the unrest and war.
6. Iran
Oil reserves: 158.4 billion barrels
Iran’s oil production hit top in in 1970s, and although its reserves reach 158.4, it’s much less than before. It is becuase of the war, the political unrest, and some major US sanctions, that they have had to cope with recently.
5. United Arab Emirates
Oil reserves: 97.8 billion barrels
We are half way on our list of the 11 largest oil reserves by country in the world in 2020. As a matter of fact this country was a desert, and due to its oil now it’s a flourishing oasis. I think almost everyone would like to pay a visit to Dubai, this glamouros city.
4. Canada
Oil reserves: 169.7 billion barrels
Canada stands on the fourth place in the world, when it comes to the largest producers and exporters across the globe. Interestingly, 96% of their export goes to the United Sates.
3. Kuwait
Oil reserves: 101.5 billion barrels
We can’t imagine their wealth, which comes from their oil, Kuwait is yet another country that rose with the help of oil. Nearly half the GDP of Kuwait comes from oil, as do 95% of its exports!
2. Saudi Arabia
Oil reserves: 266.5 billion barrels
Not surprisingly, Saudi Arabia is on the top, when it comes to oil reserves. Everyone relates this country to the oil in their mind, and we all know the fabulous wealth origins from their oil.
1. Venezuela
Oil reserves: 300.9 billion barrels
Venezuela got the very first place on the list of 10 largest oil reserves by country in the world in 2019, with its 300,9 billion barrels of oil. Anyway, the citizens don’t see much of this money as they are lack of the most basic necessities.
