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The World's Biggest Oil Reserves

Who Has The Most Oil?
Big movements in the price of oil can have significant effects in the general economy, and although the commodity is off its all-time highs, countries with the most oil within their borders are set for big profits as demand for crude continues to rise.With much of the world's existing reserves found in the Middle East, Gulf of Mexico and a few other locations around the globe, individual countries benefit incredibly from their surprisingly high concentrations of oil.As of 2008, the US government
Source: CIA World Factbook, Energy Information Administration, Department of Energy.

Big movements in the price of oil can have significant effects on the economy, and although this key commodity is off its all-time highs, countries with the most oil within their borders are set to benefit, as demand for crude continues to rise.

With much of the world's existing reserves found in the Middle East, Gulf of Mexico, and a few other locations around the globe, individual countries benefit incredibly from their surprisingly high concentrations of oil.

As of 2011, the U.S. government estimated that the world has proven reserves in the neighborhood of 1.35 trillion barrels. This number represents the net amount of oil still in the ground that has a reasonable certainty of recovery when considering current political, economic, and technological challenges. Labeling subterranean oil "proved" reserves takes into consideration current feasibility, although there may be additional oil underground that is deemed unrecoverable.

With the most recent data from the Energy Information Administration and the CIA World Factbook, here are the countries with the biggest proven oil reserves. Click ahead for the list.


By Paul ToscanoUpdated 5 March 2012

15. Brazil
Proved oil reserves: 11.65 billion barrels Proportion of world total: 0.95% Total oil production: 2.57 million barrels Consumption: 2.52 million barrels Exports to the US: 295,000 barrels (Dec 2010)
Photo: AP

Proved oil reserves: 12.86 billion barrels
Proportion of world total: 0.87%

Daily Oil Statistics (2010 estimate):
Total oil production: 2.75 million barrels
Consumption: 2.65 million barrels
Exports to the US: 163,000 barrels (Sept. 2011)

14. China
Proved Oil Reserves: 16 billion barrelsTotal Oil Production: 3.97 million barrelsCrude Oil Production: 3.79 million barrelsConsumption: 7.57 million barrelsExports to US (2007): 13,000 barrelsPictured: Off shore oil in China
Photo: iStock Photo

Proved oil reserves: 14.8 billion barrels
Proportion of world total: 1.01%

Daily Oil Statistics (2010 estimate):
Total oil production: 4.07 million barrels
Consumption: 9.06 million barrels
Exports to the US: 8,000 barrels

Pictured: Offshore oil in China

13. United States
Proved oil reserves: 19.2 billion barrels Proportion of world total: 1.42% Total oil production: 9.14 million barrels Consumption: 18.81 million barrelsPictured: Chevron El Segundo Refinery, California
Photo: AP

Proved oil reserves: 20.68 billion barrels
Proportion of world total: 1.41%

Daily Oil Statistics (2010 estimates):
Total oil production: 9.68 million barrels
Consumption: 19.15 million barrels

Pictured: Chevron El Segundo Refinery, California

12. Qatar
Proved Oil Reserves: 15.2 billion barrelsTotal Oil Production: 1.2 million barrelsCrude Oil Production: 940,000 barrelsConsumption: 120,000 barrelsExports to US (2007): 2,000 barrelsPictured: Oil Refinery in Qatar
Photo: iStock Photo

Proved oil reserves: 25.38 billion barrels
Proportion of world total: 1.72%

Daily Oil Statistics (2010 estimate):
Total oil production: 1.44 million barrels
Consumption: 166,000 barrels
Exports to the US: 16,000 barrels

Pictured: Oil Refinery in Qatar

11. Kazakhstan
Proved Oil Reserves: 30 billion barrelsTotal Oil Production: 1.43 million barrelsCrude Oil Production: 1.35 million barrelsConsumption: 239,000 barrelsExports to US (2007): 19,000 barrelsPictured: Control station of the Atasu-Alashenkou pipeline in Atasu, Kazakhstan
Photo: AP

Proved oil reserves: 30 billion barrels
Proportion of world total: 2.04%

Daily Oil Statistics (2010 estimate):
Total oil production: 1.61 million barrels
Consumption: 249,000 barrels
Exports to the US: 21,000 barrels (Dec. 2010)

Pictured: Control station of the Atasu-Alashenkou pipeline in Atasu, Kazakhstan

10. Nigeria
Proved Oil Reserves: 36.2 billion barrelsTotal Oil Production: 2.168 million barrelsCrude Oil Production: 2.165 million barrelsConsumption: 286,000 barrelsExports to US (2007): 1.13 million barrelsPictured: Boy walks along oil pipeline belonging to the Agip Oil company in Idu Ogba, Niger Delta area of Nigeria.
Photo: AP

Proved oil reserves: 37.2 billion barrels
Proportion of world total: 2.53%

Daily Oil Statistics (2010 estimate):
Total oil production: 2.46 million barrels
Consumption: 279,000 barrels
Exports to the US: 529,000 million barrels (Sept. 2011)

Pictured: Boy walks along oil pipeline belonging to the Agip Oil company in Idu Ogba, Niger Delta area of Nigeria.

9. Libya
Proved Oil Reserves: 41.5 billion barrelsTotal Oil Production: 1.88 million barrelsCrude Oil Production: 1.74 million barrelsConsumption: 273,000 barrelsExports to US (2007): 117,000 barrelsPictured: Tripoli skyline at night, Libya
Photo: AP

Proved oil reserves: 44.3 billion barrels
Proportion of world total: 3.15%

Daily Oil Statistics (2010 estimate):
Total oil production: 1.79 million barrels
Consumption: 289,000 barrels
Exports to the US: 71,000 barrels

Pictured: Tripoli skyline at night, Libya

8. Russia
Proved Oil Reserves: 60 billion barrelsTotal Oil Production: 9.79 million barrelsCrude Oil Production: 9.36 million barrelsConsumption: 2.9 million barrelsExports to US (2007): 414,000 barrelsPictured: Reservoirs at Priobskoye oil field, Siberia, Russia
Photo: AP

Proved oil reserves: 60 billion barrels
Proportion of world total: 4.08%

Daily Oil Statistics (2010 estimate):
Total oil production: 10.27 million barrels
Consumption: 2.2 million barrels
Exports to the US: 275,000 barrels (Sept. 2011)

Pictured: Reservoirs at Priobskoye oil field, Siberia, Russia

7. United Arab Emirates
Proved Oil Reserves: 97.8 billion barrelsTotal Oil Production: 3.05 million barrelsCrude Oil Production: 2.68 million barrelsConsumption: 463,000 barrelsExports to US (2007): 10,000 barrelsPictured: Refinery worker rides a bicycle at an oil processing plant in Jebel Ali, Dubai, United Arab Emirates.
Photo: AP

Proved oil reserves: 97.8 billion barrels
Proportion of world total: 6.65%

Daily Oil Statistics (2010 estimate):
Total oil production: 2.81 million barrels
Consumption: 545,000 barrels
Exports to the US: 10,000 barrels (Sept. 2010)

Pictured: Refinery worker rides a bicycle at an oil processing plant in Jebel Ali, Dubai, United Arab Emirates.

6. Kuwait
Proved Oil Reserves: 104 billion barrelsTotal Oil Production: 2.74 million barrelsCrude Oil Production: 2.59 million barrelsConsumption: 325,000 barrelsExports to US (2007): 181,000 barrels
Photo: Yasser Al-Zayyat | AFP | Getty Images

Proved oil reserves: 104 billion barrels
Proportion of world total: 7.07%

Daily Oil Statistics (2010 estimate):
Total oil production: 2.45 million barrels
Consumption: 354,000 barrels
Exports to the US: 145,000 barrels (Sept. 2011)

5. Iraq
Proved Oil Reserves: 115 billion barrelsTotal Oil Production: 2.39 million barrelsCrude Oil Production: 2.38 million barrelsConsumption: 638,000 barrelsExports to US (2007): 484,000 barrelsPictured: Beiji Oil refinery, Iraq
Photo: AP

Proved oil reserves: 115 billion barrels
Proportion of world total: 7.82%

Daily Oil Statistics (2010 estimates):
Total oil production: 2.64 million barrels
Consumption: 694,000 barrels
Exports to the US: 403,000 barrels (Sept. 2011)

Pictured: Beiji Oil refinery, Iraq

4. Iran
Proved Oil Reserves: 138.4 billion barrelsTotal Oil Production: 4.17 million barrelsCrude Oil Production: 4.05 million barrelsConsumption: 1.8 million barrelsExports to US (2007): 0Pictured: Oil refinery and petrochemical complex, Mahshahr, Iran
Photo: AP

Proved oil reserves: 137 billion barrels
Proportion of world total: 9.31%

Daily Oil Statistics (2010 estimates):
Total oil production: 4.25 million barrels
Consumption: 1.85 million barrels
Exports to the US: 0

Pictured: Oil refinery and petrochemical complex, Mahshahr, Iran

3. Canada
Proved Oil Reserves: 178.59 billion barrelsTotal Oil Production: 3.350 million barrelsCrude Oil Production: 2.59 million barrelsConsumption: 2.26 million barrelsExports to US (2007): 2.45 million barrels
Photo: Drilling sites, Northwest Territories, Canada

Proved oil reserves: 175.2 billion barrels
Proportion of world total: 11.91%

Daily Oil Statistics (2010 estimates):
Total oil production: 3.48 million barrels
Consumption: 2.21 million barrels
Exports to the US: 2.32 million barrels (Sept. 2011)

2. Venezuela
Proved Oil Reserves: 87.03 billion barrelsTotal Oil Production: 2.64 million barrelsCrude Oil Production: 2.39 million barrelsConsumption: 760,000 barrelsExports to US (2007): 1.36 million barrelsPictured: El Palito oil refinery, Puerto Cabello, Venezuela
Photo: AP

Proved oil reserves: 211.2 billion barrels
Proportion of world total: 14.35%

Daily Oil Statistics (2010 estimates):
Total oil production: 2.38 million barrels
Consumption: 746,000 barrels
Exports to the US: 759,000 barrels (Sept. 2011)

Pictured: El Palito oil refinery, Puerto Cabello, Venezuela

1. Saudi Arabia
Proved Oil Reserves: 266.7 billion barrelsTotal Oil Production: 10.7 million barrelsCrude Oil Production: 9.26 million barrelsConsumption: 2.29 million barrelsExports to US (2007): 1.49 million barrelsPictured: Saudi Arabian Oil Refinery
Photo: Pete Turner | Stone | Getty Images

Proved oil reserves: 262.6 billion barrels
Proportion of world total: 17.85%

Daily Oil Statistics (2010 estimates):
Total oil production: 10.52 million barrels
Consumption: 2.64 million barrels
Exports to the US: 1.47 million barrels (Sept. 2011)