15 countries with the highest oil reserves
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Crude oil prices are expected to rise this year as Iranian oil sanctions will lead to a drop in oil supply.
According to UBS, Brent oil prices will hover around $112/barrel in 2012, up from $105/barrel it had forecasted earlier.
Here's a look at 15 countries with the highest oil reserves according to Businessinsider...
1. Saudi Arabia
Oil reserves: 265 billion barrels
Oil supply: 11.75 million barrels daily
Years of remaining reserves: 72.4 years
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Image: People walk near power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.
Photographs: Fahad Shadeed/Reuters.
15 countries with the highest oil reserves
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2. Venezuela
Oil reserves: 211 billion barrels
Oil supply: 2.47 million barrels daily
Years of remaining reserves: 234.1 years
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Image: Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal.
Photographs: Carlos Garcia Rawlins/Reuters.
15 countries with the highest oil reserves
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3. Iran
Oil reserves: 137 billion barrels
Oil supply: 4.13 million barrels
Years of remaining reserves: 88.4 years
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Image: Malta-flagged Iranian crude oil supertanker
Photographs: Tim Chong/Reuters.
15 countries with the highest oil reserves
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4. Iraq
Oil reserves: 115 billion barrels
Oil supply: 2.7 million barrels daily
Years of remaining reserves: 128.1 years
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Image: Kuwait Oil Tanker employees oversee the loading of crude oil into the new Kazimah III Oil Tanker at Ahmadi North Pier in Kuwait.
Photographs: Stephanie McGehee/Reuters.
15 countries with the highest oil reserves
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5. Kuwait
Oil reserves: 102 billion barrels
Oil supply: 2.75 million barrels daily
Years of remaining reserves: 110.9 years
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Image: Kuwait Oil Tanker employees oversee the loading of crude oil into the new Kazimah III Oil Tanker at Ahmadi North Pier in Kuwait.
Photographs: Stephanie McGehee/Reuters.
15 countries with the highest oil reserves
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6. United Arab Emirates
Oil reserves: 98 billion barrels
Oil supply: 3.23 million barrels daily
Years of remaining reserves: 94.1 years
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Image: A car owner smiles as he chats to a petrol pump attendent while refilling his car at a Dubai petrol station.
Photographs: Reuters.
15 countries with the highest oil reserves
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7. Russian Federation
Oil reserves: 77 billion barrels
Oil supply: 10.33 million barrels daily
Years of remaining reserves: 20.6 years
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Image: Flag with the logo of Rosneft, Russia's largest oil company, flutters over the Novokuibyshevsk refinery near the city of Samara.
Photographs: Nikolay Korchekov/Reuters.
15 countries with the highest oil reserves
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8. Libya
Oil reserves: 46 billion barrels
Oil supply: 834,000 barrels daily
Years of remaining reserves: 76.7 years
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Image: Armed National Transitional Council (NTC) fighters stand at a checkpoint at the Libyan Oil Refining Company (LERCO) in Ras Lanuf.
Photographs: Youssef Boudlal/Reuters.
15 countries with the highest oil reserves
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9. Kazakhstan
Oil reserves: 40 billion barrels
Oil supply: 1.61 million barrels daily
Years of remaining reserves: 62.1 years
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Image: A Kazakh specialist takes crude oil for analysis at the Kumkol oil field near western Kazakh city Kuzul-Orda in this September 1997 file photo.
Photographs: Reuters.
15 countries with the highest oil reserves
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10. Nigeria
Oil reserves: 37 billion barrels
Oil supply: 2.4 million barrels daily
Years of remaining reserves: 42.4 years
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Image: A man collects crude oil from a drum at an illegal refinery in the village of Isuini-biri in Nigeria's Bayelsa state.
Photographs: Akintunde Akinleye/Reuters.
15 countries with the highest oil reserves
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11. Canada
Oil reserves: 32 billion barrels
Oil supply: 3.92 million barrels daily
Years of remaining reserves: 26.3 years
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Image: A worker rides his bike near Syncrude's $7.5 million expansion mine, which remains shut after residents complained of odors coming from the site, north of Fort McMurray, Alberta.
Photographs: Todd Korol/Reuters.
15 countries with the highest oil reserves
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12. United States
Oil reserves: 31 billion barrels
Oil supply: 10.59 million barrels daily
Years of remaining reserves: 11.3 years
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Image: A motorist pumps fuel into her vehicle at JJ's Express Gas Plus station in Phoenix gas station in Phoenix, Arizona.
Photographs: Joshua Lott/Reuters.
15 countries with the highest oil reserves
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13. Qatar
Oil reserves: 26 billion barrels
Oil supply: 1.64 million barrels daily
Years of remaining reserves: 45.2 years
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Image: Doha, Qatar's capital city.
Photographs: Wikimedia Commons.
15 countries with the highest oil reserves
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14. China
Oil reserves: 15 billion barrels
Oil supply: 4.19 million barrels a day
Years of remaining reserves: 9.9 years
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Image: Security personnel stand guard as a car drives past the Yanshan oil refinery of Sinopec Corp. in Beijing.
Photographs: Petar Kujundzic/Reuters.
15 countries with the highest oil reserves
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15. Brazil
Oil reserves: 14 billion barrels
Oil supply: 2.8 million barrels a day
Years of remaining reserves: 18.3 years
Image: A man walks at the Cidade Angra dos Reis offshore platform at the Lula oil field, about 300 km (186.4 miles) from the coast of Rio de Janeiro.
Photographs: Sergio Moraes/Reuters.
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