Top 10 Countries With World's Largest Oil Reserves

Category: BUSINESS

The Oil sector has been on a wild ride this year 2020, its not because of the Covid-19 pandemic, Oil prices were already under pressure because of dropping demand in supply, leading Petroleum industry and other producers like Russia to jointly cut production last year.

Early this year, when Corona virus situation began to escalate, Oil Production Exporting Countries (OPEC) led by Saudi Arabia proposed to further cuts due to slow demand. However, Russia not agreed to cut the production, Saudi also boosted supply, which led decline in oil prices.

- With this pandemic situation is yet to ease, the world's biggest oil producers may continue to face tough time. Here we bring top 10 countries with the biggest oil reserves as per data of 2019.

1. Venezuela (303.81 billion barrels)

2. Saudi Arabia (297.58 billion barrels)

3. Canada (169.69 billion barrels)

4. Iran (155.60 billion barrels)

5. Iraq (145.02 billion barrels)

6. Russia (107.21 billion barrels)

7. Kuwait (101.50 billion barrels)

8. United Arab Emirates (UAE) (97.80 billion barrels)

9. Libya (48.36 billion barrels)

10. Nigeria (36.97 billion barrels)

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SOURCE : SAUDI EXPATRIATES