Oil reserves are an estimate of crude oil that can be recovered at an economically feasible cost at a given time. Estimated oil reserves were relatively stable from 2017 to 2018 and the ranking of the countries with the largest reserves was virtually unchanged. The “top 5” countries are still Venezuela (which is currently experiencing serious production problems), Saudi Arabia, Canada, Iran and Iraq.
Global Oil Reserves (in billions of barrels)
|Country||Proved Reserves 2018||Share of Global Reserves|
|United Arab Emirates**||97.8||5.65%|
|Rest of the World||111.0||6.42%|
**: OPEC member countries
Source: BP Statistical Review 2018