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

14. Qatar

Proven Reserves (billions of barrels): 25.24

In 2010, oil rents amounted to 14% of Qatar’s GDP, which fell to 5.9% by 2015, World Bank data shows. The Middle Eastern country produced 1.90 million barrels of oil per day in 2016. Out of exports worth $72.46 billion in 2016, Qatar’s petroleum exports accounted for $22.96 billion. The country’s state-owned company Qatar Petroleum is responsible for all oil and gas activities and produces around 2.3 million barrels per day. Because it controls all oil and gas in the country, other companies have access to Qatar’s oil reserves through joint ventures with Qatar Petroleum. One of these companies is Exxon Mobil Corporation (NYSE:XOM), whose joint ventures with Qatar Petroleum amass 65,000 acres offshore, although they are engaged in the production of natural gas.

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