15 Countries with the Largest Oil Reserves

More than 80% of the world's proven oil reserves are concentrated in just 15 countries. Venezuela holds the world's biggest proven oil reserve followed by Saudi Arabia, while Canada and Russia hold the third and the eighth largest oil reserves. Now, if you want to know about all 15 of them, just visit the Insidermonkey and read the article on countries with the largest oil reserves in the world.

Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. The world gets its daily ration of 85 million barrels of oil from more than 4,000 fields. Most of these are small, less than 20,000 barrels per day. Giants, producing more than 100,000 bpd, account for just 3%. Then there’s the megafields that gush out 1 million bpd. These are the most important sources of energy in the world–fields worth fighting over.

Beside the oil, some well-known mineral resources we can find gemstones, rock salt, clay, potash, gravel, limestone and many metals, including the traditional silver and gold. The latter still stands as one of the most precious metals in the world. If you are interested in the topic, you shouldn’t miss our list on The 10 Countries With the Largest Gold Reserves in the World as well.