World's Biggest Oil Reserves

Big movements in the price of oil can have significant effects in the general economy, and although the commodity is off its all-time highs, countries with the most oil within their borders are set to benefit as demand for crude continues to rise.

With much of the world's existing reserves found in the Middle East, Gulf of Mexico and a few other locations around the globe, individual countries benefit incredibly from their surprisingly high concentrations of oil.

As of 2010, the US government estimates that the world has proved reserves in the neighborhood of 1.35 trillion barrels; the net amount of oil fields that have been identified as having a reasonable certainty of recovery. Labeling subterranean oil "proved" reserves takes into consideration both the logistic feasibility, political and economic conditions surrounding the oil's physical extraction.

With the most recent data from the Energy Information Administration, here are the countries with the biggest proved oil reserves.

1. Saudi Arabia

Proved oil reserves: 259.9 billion barrels
Proportion of world total: 19.20%

Daily Oil Statistics (2009):
Total oil production: 9.76 million barrels
Consumption: 2.43 million barrels
Exports to the US: 1.09 million barrels (Dec. 2010)

©Drilling sites

2. Canada

Proved oil reserves: 175.2 billion barrels
Proportion of world total: 12.94%

Daily Oil Statistics (2009):
Total oil production: 3.29 million barrels
Consumption: 2.15 million barrels
Exports to the US: 2.71 million barrels (Dec. 2010)

3. Iran

Proved oil reserves: 137.6 billion barrels
Proportion of world total: 10.16%

Daily Oil Statistics (2009):
Total oil production: 4.18 million barrels
Consumption: 1.69 million barrels
Exports to the US: 0

4. Iraq

Proved oil reserves: 115 billion barrels
Proportion of world total: 8.5%

Daily Oil Statistics (2009):
Total oil production: 2.4 million barrels
Consumption: 636,000 barrels
Exports to the US: 336,000 barrels (Dec. 2010)

©Yasser Al-Zayyat/AFP/Getty Images

5. Kuwait

Proved oil reserves: 101.5 billion barrels
Proportion of world total: 7.5%

Daily Oil Statistics (2009):
Total oil production: 2.5 million barrels
Consumption: 372,000 barrels
Exports to the US: 125,000 barrels (Dec. 2010)

6. Venezuela

Proved oil reserves: 99.4 billion barrels
Proportion of world total: 7.34%

Daily Oil Statistics (2009):
Total oil production: 2.47 million barrels
Consumption: 723,000 barrels
Exports to the US: 917,000 barrels (Dec. 2010)

7. United Arab Emirates

Proved oil reserves: 97.8 billion barrels
Proportion of world total: 7.22%

Daily Oil Statistics (2009):
Total oil production: 2.79 million barrels
Consumption: 492,000 barrels
Exports to the US: 10,000 barrels (Sept. 2010)

8. Russia

Proved oil reserves: 60 billion barrels
Proportion of world total: 4.43%

Daily Oil Statistics (2009):
Total oil production: 9.93 million barrels
Consumption: 2.74 million barrels
Exports to the US: 514,000 barrels (Dec. 2010)

©AP

9. Libya

Proved oil reserves: 44.3 billion barrels
Proportion of world total: 3.27%

Daily Oil Statistics (2009):
Total oil production: 1.79 million barrels
Consumption: 264,000 barrels
Exports to the US: 66,000 barrels (Dec. 2010)

10. Nigeria

Proved oil reserves: 37.2 billion barrels
Proportion of world total: 2.75%

Daily Oil Statistics (2009):
Total oil production: 2.21 million barrels
Consumption: 272,000 barrels
Exports to the US: 1.07 million barrels (Dec. 2010)

11. Kazakhstan

Proved oil reserves: 30 billion barrels
Proportion of world total: 2.22%

Daily Oil Statistics (2009):
Total oil production: 1.54 million barrels
Consumption: 241,000 barrels
Exports to the US: 21,000 barrels (Dec. 2010)

12. Qatar

Proved oil reserves: 25.4 billion barrels
Proportion of world total: 1.88%

Daily Oil Statistics (2009):
Total oil production: 1.21 million barrels
Consumption: 147,000 barrels
Exports to the US: 16,000 barrels (Dec. 2010)

13. China

Proved oil reserves: 19.2 billion barrels
Proportion of world total: 1.42%

Daily Oil Statistics (2009):
Total oil production: 9.14 million barrels
Consumption: 18.81 million barrels

©AP

14. United States

Proved oil reserves: 19.2 billion barrels
Proportion of world total: 1.42%

Daily Oil Statistics (2009):
Total oil production: 9.14 million barrels
Consumption: 18.81 million barrels

15. Brazil

Proved oil reserves: 11.65 billion barrels
Proportion of world total: 0.95%

Daily Oil Statistics (2009):
Total oil production: 2.57 million barrels
Consumption: 2.52 million barrels
Exports to the US: 295,000 barrels (Dec 2010)

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