July 18, 2023
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By Sonakshi Kandhari Govind Kolady
In a world driven by the thirst for energy, these 10 countries stand tall, boasting the largest oil reserves that fuel their economies and shape global dynamics.
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It holds the world’s largest oil reserves in its Orinoco Belt,also called Faja Del Orinoco. While the country's economy has greatly benefited, it has yet to optimise its potential.
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This Emirate has been unstoppable since its first oil find in Dammam in 1938, and aims to produce 13 million barrels a day by 2027.
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Being the world's third-largest one, with five of the top oil fields, Iran holds about 16% of the world's oil and is largely responsible for the country's thriving economy.
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A major chunk of it is in Alberta; it contains 166.3 billion barrels of oil sands. Furthermore, findings suggest Canada is the world’s most preferred source of oil.
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Its oil reserves remain unexplored because only a small chunk is used. They produce 4.5 million barrels per day, out of which 3.4 million are exported.
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With its 100 billion barrels of oil Kuwait makes up 8% of the world’s oil reserves. Most of its oil is in Al- Burqān field, which is the world’s second-largest conventional oil field.
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Boasting 111 billion barrels and a daily output of 2.7 million barrels, the UAE's oil wealth has played a pivotal role in transforming it into a renowned tourist hotspot.
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Russia, Europe's largest oil reserve, pumps out 9.4 million barrels per day, down from 11 million before the Ukraine invasion.
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Africa's largest oil reserve, Libya, produces 1.2 million barrels per day. Despite political instability, Europe's newfound interest in their oil provides hope for a better future.
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Estimating the oil reserves of this country is challenging due to its combination of conventional and unconventional resources, compounded by the presence of a Strategic Petroleum Reserve (SPR) for emergencies.
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