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

4. Canada

Oil Reserves as of 2021: 170.3 billion barrels

Canada is a North American country with a $2.24 trillion GDP. The bulk of its oil reserves are located in the Athabasca oil sands, and Canada’s largest oil company is Canadian Natural Resources Limited (NYSE::CNQ. Canada was the fourth largest oil producer in 2021, when it produced 5.54 million barrels of oil per day. Its consumption was relatively lower as it stood at 2.26 million barrels, and made Canada a net oil exporter. Canadian Natural Resources Limited (NYSE::CNQ is aiming to boost its oil production to 1.1 million barrels in 2023.