The World's Biggest Oil Reserves

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

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)

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

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

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

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

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.

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

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

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.

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)

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

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

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)

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

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)