15 countries with biggest oil reserves

Big movements in the price of oil can have significant impact on the 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.

As of 2010, the US government estimates that the world has proved reserves in the neighbourhood of 1.35 trillion barrels; the net amount of oil fields that have been identified as having a reasonable certainty of recovery.

Labelling 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.

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1. Saudi Arabia

Proven oil reserves: 259.9 billion barrels

Proportion of world total: 19.20 per cent

Total oil production: 9.76 million barrels

Consumption: 2.43 million barrels

. . .

2. Canada

Proven oil reserves: 175.2 billion barrels

Proportion of world total: 12.94 per cent

Total oil production: 3.29 million barrels

Consumption: 2.15 million barrels

3. Iran

Proven oil reserves: 137.6 billion barrels

Proportion of world total: 10.16 per cent

Total oil production: 4.18 million barrels

Consumption: 1.69 million barrels

. . .

4. Iraq

Proven oil reserves: 115 billion barrels

Proportion of world total: 8.5 per cent

Total oil production: 2.4 million barrels

Consumption: 636,000 barrels

. . .

5. Kuwait

Proven oil reserves: 101.5 billion barrels

Proportion of world total: 7.5 per cent

Total oil production: 2.5 million barrels

Consumption: 372,000 barrels

. . .

6. Venezuela

Proven oil reserves: 99.4 billion barrels

Proportion of world total: 7.34 per cent

Total oil production: 2.47 million barrels

Consumption: 723,000 barrels

. . .

7. The United Arab Emirates

Proven oil reserves: 97.8 billion barrels

Proportion of world total: 7.22 per cent

Total oil production: 2.79 million barrels

Consumption: 492,000 barrels

. . .

8. Russia

Proven oil reserves: 60 billion barrels

Proportion of world total: 4.43 per cent

Total oil production: 9.93 million barrels

Consumption: 2.74 million barrels

. . .

9. Libya

Proven oil reserves: 44.3 billion barrels

Proportion of world total: 3.27 per cent

Total oil production: 1.79 million barrels

Consumption: 264,000 barrels

(These figures are based on data available before the political unrest in the country)

. . .

10. Nigeria

Proven oil reserves: 37.2 billion barrels

Proportion of world total: 2.75 per cent

Total oil production: 2.21 million barrels

Consumption: 272,000 barrels

. . .

11. Kazakhstan

Proven oil reserves: 30 billion barrels

Proportion of world total: 2.22 per cent

Total oil production: 1.54 million barrels

Consumption: 241,000 barrels

. . .

12. Qatar

Proven oil reserves: 25.4 billion barrels

Proportion of world total: 1.88 per cent

Total oil production: 1.21 million barrels

Consumption: 147,000 barrels

. . .

13. China

Proven oil reserves: 20.4 billion barrels

Proportion of world total: 1.51 per cent

Total oil production: 3.99 million barrels

Consumption: 8.32 million barrels

. . .

14. United States

Proven oil reserves: 19.2 billion barrels

Proportion of world total: 1.42 per cent

Total oil production: 9.14 million barrels

Consumption: 18.81 million barrels

. . .

15. Brazil

Proven oil reserves: 11.65 billion barrels

Proportion of world total: 0.95 per cent

Total oil production: 2.57 million barrels

Consumption: 2.52 million barrels