Fact Box: Top 15 countries with gigantic Oil Reserves

May 6, 2013

Following sanctions over Iran on its oil-trade, oil prices have experienced volatility. Many fear that it would lead to high oil prices. However, Saudi Arabia has said that it would raise oil supply to keep the oil prices low but many doubt that the kingdom has as much oil as it claims.
As per a report by UBS, global oil reserves stand at 1.38 trillion barrels and are expected to last another 46.2 years.
Below are the summary of key data from the report which ranked 15 countries with the highest oil reserves along with their oil supply and the years of remaining reserves.
Note: The data in parenthesis represents the percent of global reserves and global supply.

Rank	Country	Oil Reserves	Oil Supply	Years of remaining reserves
1.	Saudi Arabia	265 billion barrels (19.1%)	11.75 million Barrels daily (13.2%)	72.4 years
2.	Venezuela	211 billion barrels (15.3%)	2.47 million Barrels daily (2.8%)	234.1 years
3.	Iran	137 billion barrels (9.9%)	4.13 million Barrels (4.7%)	88.4 years
4.	Iraq	115 billion barrels (8.3%)	2.7 million Barrels daily (3.1%)	128.1 years
5.	Kuwait	102 billion barrels (7.3%)	2.75 million Barrels daily (3.1%)	110.9 years
6.	UAE	98 billion barrels (7.1%)	3.23 million Barrels daily (3.6%)	94.1 years
7.	Russia Federation	77 billion barrels (5.6%)	10.33 million Barrels daily (11.6%)	20.6 years
8.	Libya	46 billion barrels (3.4%)	834,000 barrels (0.9%)	76.7 years
9.	Kazakhstan	40 billion barrels (2.9%)	1.61 million Barrels daily (1.8%)	62.1 years
10.	Nigeria	37 billion barrels (2.7%)	2.4 million Barrels daily (2.7%)	42.4 years
11.	Canada	32 billion barrels (2.3%)	3.92 million Barrels daily (4.4%)	26.3 years
12.	USA	31 billion barrels (2.2%)	10.59 million Barrels daily (11.9%)	11.3 years
13.	Qatar	26 billion barrels (1.9%)	1.64 million Barrels daily (1.9%)	45.2 years
14.	China	15 billion barrels (1.1%)	4.19 million Barrels a day (4.7%)	9.9 years
15.	Brazil	14 billion barrels (1%)	2.8 million Barrels a day (3.2%)	18.3 years