Crude oil also known as petroleum is the most profitable natural resource in the world country, the country with this natural resource is blessed with a booming economy and if they use the money properly they can offer their citizens with a lot of government services. This data comes from the CIA Factbook.
HowMuch used the West Texas Intermediate price to value the known reserves. WTI is used as a benchmark to set the crude price on the market.
Crude oil is a fossil fuel derived from marine plants and animals that died millions of years ago, before the dinosaurs. In its liquid form, crude oil can be found underground in reservoirs, sedimentary rocks, and tar sands.
Crude oil has been used to produce petroleum products such as gasoline, waxes, and plastics. It has also been heavily used in manufacturing, industrialization, and transportation. Since crude oil is found in certain geological areas, some countries are more likely than others to be sitting on large oil reserves.
Countries With The Biggest Crude Oil Reserves
10. United States
Crude Reserves (Barrels): 36,520,000,000
WTI Crude: 58.52
9.Libya
Crude Reserves (Barrels): 48,360,000,000
WTI Crude: 58.52
8.Russia
Crude Reserves (Barrels): 80,000,000,000
WTI Crude: 58.52
7.United Arab Emirates
Crude Reserves (Barrels): 97,800,000,000
WTI Crude: 58.52
6.Kuwait
Crude Reserves (Barrels): 101,500,000,000
WTI Crude: 58.52
5.Iraq
Crude Reserves (Barrels): 142,500,000,000
WTI Crude: 58.52
4.Iran
Crude Reserves (Barrels): 158,400,000,000
WTI Crude: 58.52
3.Canada
Crude Reserves (Barrels): 169,700,000,000
WTI Crude: 58.52
2.Saudi Arabia
Crude Reserves (Barrels): 266,500,000,000
WTI Crude: 58.52
1.Venezuela
Crude Reserves (Barrels): 300,900,000,000
WTI Crude: 58.52
