Crude Oil / Not the US, not Russia; this country has the largest reserves of crude oil

Crude Oil: Whenever there is an atmosphere of tension at the global level, it has a direct impact on the global economy. In particular, the role of crude oil is the most important among the major products affecting import-export. Recently, the increased tension between Iran and Israel once again brought crude oil to the center of global discussion. But do you know who has the highest oil reserves among the most powerful countries in the world? In this case, America, Russia, Iran and Saudi Arabia are also behind one country.

Venezuela: King of oil reserves, still economic crisis

According to Worldometer data, Venezuela has the highest oil reserves, which has 303,008 million barrels of oil reserves. This figure makes it the country with the largest oil reserves in the world. However, despite the abundance of oil, Venezuela's economy is in deep crisis. More than 80% of the country's population is living below the poverty line, and it is among the top-5 countries with the highest inflation rate in the world. Economic mismanagement, corruption and international sanctions have weakened this oil-rich country economically.

Countries with top oil reserves

Venezuela is followed by Saudi Arabia, which has 267,230 million barrels of oil reserves (2023 figures). Saudi Arabia is not only a leader in oil production but is also known for its economic diversification in tourism, technology and other sectors. Iran is in third place, which has 208,600 million barrels of oil reserves. It is followed by Iraq (145,019 million barrels) and the United Arab Emirates (113,000 million barrels). Canada, Kuwait and Libya are also among the top-10 oil reserves countries.

Status of Russia and America

Russia, which exports crude oil to many countries including India, has 80,000 million barrels of oil reserves. On the other hand, the US has 47,730 million barrels and China has 27,889 million barrels of oil reserves. The economy of these countries is not only dependent on oil, but they also have a strong position in technology, manufacturing and service sectors.

India: Third largest oil importer

The US and China are in the first two places in terms of global oil imports. India is the third largest oil importing country, which imports about 80% of its oil needs. 40% of this import comes through the Strait of Hormuz, which can be risky during tensions in the Middle East. In view of this situation, India has taken a strategic step by increasing oil imports from Russia and the US. This step not only strengthens India's energy security but also helps in keeping the supply chain stable during global tensions.