5 Countries with the Largest Proven Oil Reserves in the World

In this article, we are going to discuss the 5 countries with the largest proven oil reserves in the world. If you want to check out our detailed analysis of the global oil and gas market, the impact of the Russia-Ukraine war on the global oil sector, and the steps taken by major oil companies to achieve net zero by 2050, head to 15 Countries with the Largest Proven Oil Reserves in the World.

5. United Arab Emirates

Total Proven Oil Reserves in 2022: 113 billion barrels

To increase its crude oil production capacity to 5 million barrels per day by 2027, ADNOC (the national oil company of UAE) has planned on spending $150 billion to increase upstream exploration and development. Around 96% of the UAE’s proven oil reserves are located in Abu Dhabi.

Although the U.A.E. ranks among the Top Oil Producers, the COP 28 host claims that it is investing ‘way more’ into renewable energy than in oil and gas. In 2022, the United Arab Emirates invested a whopping $36 billion in overseas renewable energy projects, highlighting its commitment to a greener future.