Tag Archives: Venezuela and Iran under USA sanctions

ENERGY: Which Countries Have the World’s Largest Proven Oil Reserves?


Visual Capitalist.com

The world holds 1.73 trillion barrels of proven oil reserves.

Here we rank the top 14 countries that hold up to 93.5% of the world’s potential oil supply.

Venezuela 17.8% and Iran 9.0% account for almost 27% of total reserves. Both are under US sanctions.

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The Countries With the Largest Proven Oil Reserves

Oil is a natural resource formed by the decay of organic matter over millions of years, and like many other natural resources, it can only be extracted from reserves where it already exists. The only difference between oil and every other natural resource is that oil is well and truly the lifeblood of the global economy.        Continue reading