10 biggest oil reserves in the world
Oil reserves denote the amount of crude oil located in a particular region that can be recovered with current technological constraints and at a cost that is financially feasible at the current price of oil. Venezuela has the largest amount of oil reserves in the world with 300.9 billion barrels. This is a list of top 10 oil-producing countries in the world as of 2020. The United States, Russia, and Saudi Arabia still remain the top three highest oil-producing countries in the world according to the latest report by The U.S. Energy . Saudi Arabia is the largest Arab state in Western Asia in terms of land area. Its oil reserves are concentrated on the Eastern Province. It accounts for 95 percent of its exports and 70 percent of revenues. Aside from having the largest oil reserves in the world, it also has the sixth largest reserves of natural gas.