Oil reserves are an estimate of the amount of crude oil that can be recovered at a financially feasible cost at a given time. Estimated oil reserves changed only slightly between 2016 and 2017 and the ranking of the countries with the largest reserves was virtually unchanged. The “top 5” countries are still Venezuela, Saudi Arabia, Canada, Iran and Iraq.
Global Oil Reserves (in billions of barrels)
|Country||Proved Reserves 2017||Share of Global Reserves|
|United Arab Emirates**||97.8||5.8%|
|Rest of the World||116.9||6.9%|
**: OPEC member countries
Source: BP Statistical Review 2018