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

1. Venezuela

Proven Reserves (billions of barrels): 300.88

Venezuela’s oil production slightly declined last year to 2.41 million barrels per day from 2.64 million barrels a year earlier and from 3.34 million barrels a decade ago. Out of total exports of $26.47 billion in 2016, petroleum exports represented $24.14 billion. The country’s oil and gas sector represents 25% of its GDP and its oil rents as a percentage of GDP stood at 14.2% in 2013.

The country’s government has been under a lot of pressure as the country’s oil dependence resulted in an economic collapse with the decline in oil prices. With thousands of people protesting against the government, and inflation that is expected to top 700% this year, as well as food shortages, the only thing keeping Venezuela from plunging into total chaos is its oil production. The country’s national oil company, Petróleos de Venezuela, S.A. (PDVSA), is facing technical difficulties at some of its refineries due to malfunctioning equipment and lack of spare parts, according to Reuters. Venezuela’s production declined by 8.9% to 2.41 million barrels per day in 2016 and is significantly down from 3.34 million barrels daily registered in 2006.

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These are the 16 countries with the biggest oil reserves in the world in 2017. However, it’s most likely that they will continue to have the biggest reserves until all oil is gone. While many of these countries that produce and export a lot of oil don’t have oil rents that are all that high, their other economic activity is often limited to the extraction of natural gas and other minerals, which is why in many cases, they remain poor, have high levels of inequality and face a lot of other issues that either already are, or are going to hinder their economic development.

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