Iraq ranks fourth globally in proven oil reserves, OPEC data shows

Shafaq News– Vienna

Iraq ranked fourth worldwide among countries with the largest proven crude oil reserves, estimated at around 145 billion barrels, and representing 9.3% of total global reserves, according to data released by the Organization of the Petroleum Exporting Countries (OPEC).

The figures show that Venezuela holds the world’s largest proven oil reserves, accounting for 19.4% of the global total, estimated at 303.8 billion barrels. Saudi Arabia followed in second place with 17.1% (267.2 billion barrels), while Iran ranked third with 13.3% (208.6 billion barrels).

The United Arab Emirates ranked fifth globally with a 7.2% share, followed by Kuwait at 6.5%. Russia placed seventh with 5.1%, while Libya ranked eighth with 3.1%. The United States and Nigeria ranked ninth and tenth with shares of 2.9% and 2.4% respectively.

The data indicate that Venezuela alone holds nearly one-fifth of the world’s proven crude oil reserves, while the top three countries collectively control almost half of global reserves, underscoring a high level of concentration.

OPEC figures also show that Canada is the largest non-OPEC holder of proven oil reserves, with about 171 billion barrels, or 10.9% of the global total, largely derived from oil sands.