5 Largest Oil Reserves by Country in the World in 2021

2. Saudi Arabia

Total oil reserves of the country at the end of 2019 (in thousand million barrels): 297.6

Share of total oil reserves in the world at the end of 2019 (in percentage terms): 17.2

As I mentioned in the intro, Saudi Arabia has vast oil resources which has enabled it to transform from a desert country with little to no money into one of the most powerful countries in the world. A lot of the money has been used to shore up the defense of the country. The biggest oil company in Saudi Arabia is Saudi Aramco, which is also the biggest oil company in the world and the second biggest company in the world by market cap.

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