16 Countries with the Largest Proven Oil Reserves in the World

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1. Venezuela

Total Proven Oil Reserves: 303.01 billion barrels

Although Venezuela is the country where the world’s largest proven oil reserves are located, its government hasn’t been able to fully capitalize on this wealth, mainly due to the sanctions from the US, an ongoing economic crisis, and mismanagement. As a result, the South American nation has to rely on poor-quality imports from Iran for its energy needs. However, it was announced recently that Venezuela has strengthened its production capacity by signing several cooperation agreements with transnational companies such as Spain’s Repsol and France’s Maurel & Prom.

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