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

2. Kingdom of Saudi Arabia (KSA)

Oil Reserves as of 2021: 258.6 billion barrels

The Kingdom of Saudi Arabia (KSA) is a dominating player in the global oil industry and the largest OPEC oil producer which supplied 10.48 million barrels in November 2022. Saudi Arabia’s national oil company, Saudi Arabian Oil Company (TADAWUL:2222.SR), is also the world’s largest oil company in terms of revenue generated. Saudi Arabia came under a bit of controversy earlier this year when it decided to reduce oil production even as prices were soaring in the aftermath of the Russian invasion of Ukraine.