5 Countries That Have the Largest Oil Reserves in the World Heading into 2024

In this article we are going to list the 5 countries that have the largest oil reserves in the world heading into 2024. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 countries that have the largest oil reserves in the world heading into 2024.

5. Iraq

Total oil reserves (in billions of barrels): 145.0

Lukoil, one of Russia’s largest companies, has been working at Iraq’s West Qurna 2 field in a bid to double output up to 800,000 barrels a day, having extended its contract with Iraq to 2045. Additional deals with Russia and China have seen Iraq lessen reliance on the U.S.

4. Canada

Total oil reserves (in billions of barrels): 170.3

Canada has faced delays in the operation of a government owned pipeline project, which has put further pressure on the country’s oil prices.

3. Iran

Total oil reserves (in billions of barrels): 208.6

Being among the countries with the highest oil reserves in the world heading into 2024 has enabled Iran to thrive despite being under Western sanctions for several years. Recently, U.S. lawmakers passed a bill furthering sanctions on Iran oil exports, by imposing measures on refineries and ports which deal with petroleum exported from Iran.

2. Saudi Arabia

Total oil reserves (in billions of barrels): 258.6

Saudi Arabia is home to the most profitable company in the world in oil company Aramco. Its massive oil reserves have also enabled it to gain significant global influence, with its decision along with Russia to reduce oil output impacting global oil prices.

1. Venezuela

Total oil reserves (in billions of barrels): 303.8

Easily topping the list of the 20 countries that have the largest oil reserves in the world heading into 2024 is Venezuela. After four years, PetroChina is likely to resume imports from Venezuela after sanctions implemented on the company were lifted recently.

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