5 Countries with the Largest Proven Oil Reserves in the World

4. Iraq

Total Proven Oil Reserves in 2022: 145.019 billion barrels

Iraq is the second-largest crude oil producer in OPEC after Saudi Arabia, and holds 17% of the proven oil reserves in the Middle East and 8% of the reserves globally. The entirety of Iraq’s oil fields are located onshore, with the majority of them being in the country’s southern Basra region, the Diyala region east of Baghdad, and the northeastern Kirkuk region.

According to Mazhar Muhammad Salih, the financial adviser to the Iraqi Prime Minister, the market value of the country’s oil, gas, and other natural resources exceeds $15 trillion.