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30 Countries with Highest Proven Oil Reserves

  • Oil reserve is an essential yardstick for measuring a country's economic prosperity.And proven oil reserves are those that claim to have a reasonable certainty (normally at least 90 per cent confidence) of being recoverable under existing economic and political conditions.Industry specialists refer to this as P90.We present here a list of countries with highest proven oil reserves.India ranks 20th in the list.

  • Read on to know about 30 countries with highest proven oil reserves. . .

  • 1. Venezuela  

  • Proven reserve: 296,500,000,000 billion barrels

  • According to the United States Geological Survey (a bureau of the United States Department of the Interior that employs approximately 8,670 people), the Orinoco Belt alone is estimated to contain 900-1,400 billion barrels (2.2 1011 m3) of heavy crude in proven and unproven deposits.

  • The crude oil that Venezuela has is very heavy by international standards, and as a result much of it must be processed by specialised domestic and international refineries. Venezuela continues to be one of the largest suppliers of oil to the United States, sending about 1.4 million barrels per day.

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