Top 10 Countries with the Largest Proven Oil Reserves

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26/07/2018 21:00 WIB

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Venezuela possesses proven oil reserves of 302 billion barrels, surpassing the largest oil producer, Saudi Arabia, which holds reserves of 266 billion.

Proven Oil Reserves of OPEC Members in 2017

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Top 10 Countries with the Largest Proven Oil Reserves

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Proven Oil Reserves of OPEC Members in 2017

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Venezuela has recorded itself as the country with the largest proven oil reserves, surpassing Saudi Arabia. According to the annual publication of the Organization of the Petroleum Exporting Countries (OPEC), the country currently led by Nicolas Maduro possesses reserves of 302 billion barrels. Saudi Arabia follows with 266 billion barrels of oil.

Data from the end of 2017 shows that the proven oil reserves of OPEC member countries totaled 1,214.21 billion barrels. This figure represents 81.89 percent of the total proven reserves of all countries. Meanwhile, the oil reserves of non-OPEC countries amounted to 268.56 billion barrels (18.11 percent).

According to the OPEC bulletin, significant oil discoveries are located in the Middle East. Proven reserves have also been increased thanks to advancements in technology and intensive exploration by its members.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."