16 Countries with the Largest Proven Oil Reserves in the World

7. Kuwait 

Total Proven Oil Reserves: 101.5 billion barrels

In positive news for the major oil producer, Kuwait Oil Company announced in July that it had made a significant discovery of light oil and associated gas in the offshore Al-Nokhatha field, with preliminary reserve estimates of around 2.1 billion barrels of light oil and 5.1 tcf of gas.

The oil industry accounts for nearly half of Kuwait’s GDP and the country is targeting a production capacity of four million barrels per day by 2035.