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

1. Bolivarian Republic of Venezuela

Oil Reserves as of 2021: 303.8 billion barrels

The Bolivarian Republic of Venezuela, or Venezuela, is a South American country. Despite having the largest proven oil reserves in the world, Venezuela ranks relatively low in the list of oil producing countries. However, the Russian invasion of Ukraine and the resulting disruption in the oil supply chain might change things, as the U.S. eased some of its sanctions against the country this year. It has also granted a license to Chevron Corporation (NYSE:CVX) to resume oil operations in the country.

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