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

16. Algeria

Proven Reserves (billions of barrels): 12.2

We start the countdown of the 16 countries with the biggest oil reserves in the world in 2017 with Algeria, which is the largest country in the OPEC in terms of territory. Its first commercial oil discovery was in 1956 and oil production began in 1958. The country exports around $18.64 billion worth of petroleum, which represents approximately 64% of its total exports. Algeria is the home country of Sonatrach, a government-owned company that is responsible for oil exploration and production. Sonatrach is the largest Algerian and African country, which accounts for 30% of the country’s Gross National Product and is the 12th-largest oil consortium in the world, with a production capacity of 2.7 million barrels per day. At the end of 2015, Algeria’s oil rents amounted to 1.9% of its GDP, significantly down from 18.8% in 2012.

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