16 Countries with the Largest Proven Oil Reserves in the World

5. Iraq

Total Proven Oil Reserves: 145.02 billion barrels

Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia and the Iraqi government relies on oil for more than 90% of its revenue. The country is looking to boost its crude reserves to more than 160 billion barrels after it launched new licensing rounds for 29 oil and gas fields earlier this year.