15 Countries with the Biggest Oil Reserves

Bangalore: According to a report by UBS (Indian banking and financial services group) suggests that the global oil reserves stand at 1.38 trillion barrels and are expected to last for another 46.2 years. But in the recent years the oil prices have been a problem for the mass as the prices keeps on increasing. Lately because of supply shock in Iran oil prices have risen and are further expected to rise due to risk of instability in Iraq. Here is the list of 15 countries that have the highest oil reserves placed in an ascending order.

Saudi Arabia

The kingdom of Saudi Arabia is the largest state in Western Asia by land area and the second largest in the Arab world. It has world’s largest oil reserves and is the largest oil exporter. The oil accounts for more than 95 percent of exports and 70 percent of government revenues. It has one of the world’s largest natural gas reserves. If estimated the world’s total oil reserves it holds the maximum of 265 billion that is 19.1 percent and daily oil supply is 13.2 percent which makes 11.75 million barrels daily and the years of remaining reserves is 72.4.