16 Countries With The Biggest Oil Reserves In The World in 2017

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5. Iraq

Proven Reserves (billions of barrels): 142.50

Between 2010 and 2015, Iraq’s oil rents as a percentage of GDP declined to 38.5% from 48%. Oil is Iraq’s sole export item, whose value amounted to $43.75 billion, versus total exports of $43.89 billion. In 2016, Iraq produced 4.47 million barrels of oil daily. The Iraqi Oil Ministry accounts for the bulk of oil production, with a volume of 2.3 million barrels per day.

Frontpage/Shutterstock.com

Frontpage/Shutterstock.com

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