In this article we are going to list the 5 Largest Oil Reserves by Country in the World in 2021. For a detailed coverage of this topic and a more comprehensive look please head on over to the 11 Largest Oil Reserves by Country in the World in 2021.
5. Iraq
Total oil reserves of the country at the end of 2019 (in thousand million barrels): 145
Share of total oil reserves in the world at the end of 2019 (in percentage terms): 8.4
If you’re a small country with not much resources and vast reserves of oil, you’d do well to be on the lookout for the United States to suddenly drum up reasons to invade and gain control of the oil supply. The 2003 Invasion of Iraq took place purportedly because Saddam Hussein had weapons of mass destruction, but after the deaths of thousands, no such proof was ever found.
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4. Iran
Total oil reserves of the country at the end of 2019 (in thousand million barrels): 155.6
Share of total oil reserves in the world at the end of 2019 (in percentage terms): 9
Iran’s woes mainly stem from the fact that it has major oil reserves. While Iran was a developing nation with a modern outlook back in the early 1900s, an Anglo-American coup took place in 1953 to allow Western companies to take advantage of the oil supply in the region. This coup had far reaching consequences which still exist today as it installed a leader who established autocratic rule and instead of the country becoming modernized, it gradually regressed. The National Iranian South Oil Company is the biggest oil company in Iran.
3. Canada
Total oil reserves of the country at the end of 2019 (in thousand million barrels): 169.7
Share of total oil reserves in the world at the end of 2019 (in percentage terms): 9.8
Canada might have a low population but the land covered by the country is actually vast, allowing it to make our list of the largest oil reserves by country in 2021. The biggest companies here include Suncor (NYSE:SU) and Imperial Oil.
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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1. Venezuela
Total oil reserves of the country at the end of 2019 (in thousand million barrels): 303.8
Share of total oil reserves in the world at the end of 2019 (in percentage terms): 17.5
Topping the list of the largest oil reserves by country in 2021 is of course Venezuela. And there could be no greater contrast between our number one and number two entries. While Saudi Arabia is an extremely rich country with a high GDP per capita and its rulers are richer than many countries, Venezuela has suffered a major economic crisis over the previous years, despite being among the biggest exports of oil, due to poor policies by the government which have led to hyperinflation and shortage of basic goods, in addition to unemployment. The state owned PDVSA is the biggest oil company in Venezuela with more than 70,000 employees.
See also: 15 Biggest Oil Companies In The World and 15 Biggest Power Companies in the World
