Largest Oil Reserves Countries
With the seemed to be constant demand for more Oil in many countries, even from the developing ones, more effective ways for more production of oil are also on a greater immediate demand. With that also that it would come to mind of who are the leading countries that are rich in oil reserves, and which can further influence more the world economy.
That now being said, we provide you here now the Top Ten Largest Oil Reserves Countries as of the year 2005, according to Suite101.com official site. The following are:
- Saudi Arabia (262 billion barrels)
- Canada (179)
- Iran (126)
- Iraq (115)
- Kuwait (102)
- United Arab Emirates (98)
- Venezuela (77)
- Russia (60)
- Libya (39)
- Nigeria (35)
On how this data is determined, the Wikipedia site offers the four criteria. The site said that the oil reserves should be:
(1) Discovered through one or more exploratory wells;
(2) Recoverable using existing technology;
(3) Commercially viable; and finally,
(4) Remaining in the ground