5 Countries That Have the Largest Oil Reserves in the World Heading into 2023

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In this piece, we will take a look at the five countries that have the largest oil reserves in the world heading into 2023. For more countries, head on over to 20 Countries That Have The Largest Oil Reserves in the World Heading into 2023.

5. Republic of Iraq

Oil Reserves as of 2021: 145 billion barrels

The Republic of Iraq is a Middle Eastern country that is also an OPEC member state. Oil exports are the largest portion of its economy, and it’s estimated that in 2021, more than 90% of Iraq’s foreign exchange earnings came from selling crude oil. Iraq is also OPEC’s second largest oil producer, as it pumped out 4.45 million barrels in November 2022. Major players in the Iraqi oil industry are PetroChina Company Limited (SHA:601857.SS) and BP p.l.c. (NYSE:BP). Iraq has also benefited from significantly growing its production this year, but there are worries that it could drop in 2023.

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