Over the past ten years, the price of oil has certainly been volatile. This has led to concern at all levels, from the businesspeople selling oil, to the governments and policy makers in charge of regulating the industry. There are also environmental concerns associated with increased fossil fuel consumption, leading some to question whether there are enough oil reserves to satisfy demand, and what the long-term consequences of extraction may be.
As you can see, there are a lot of questions surrounding the oil industry at the present time. To help make things a little clearer, we have composed a list of the ten countries with the largest oil reserves in the world, to show how they fit into the global energy landscape.
1. Venezuela – 298.4 Billion Barrels
Possessing over 298 billion barrels of proven oil reserves, Venezuela is by far the country with the largest reserves in the world today. While they currently hold the top spot, they only reached this point fairly recently- at the end of the previous decade, it was Saudi Arabia which was well out in front of other countries in terms of its oil reserves. Continue reading