They called it black gold and many countries have gone to war just because they are areas with proven or suspected oil reserves. In spite of all the talk about environmental damage, hydrocarbon is still relevant as an energy source and may remain so for years to come. There are many countries in the world that boost of oil production but only few can boost of very high production rates to earn them a place in the top five. The following is a list of the top five countries with highest oil reserves based on barrels of production per day.
This may be a surprising one because back in 2009 this country did not even feature among the first five oil producing countries. Today, it is heading the list with estimated reserves of 298.4 billion barrels. Although this country has been marked by political unrest, she has managed to increase in production levels passed known world oil countries. The crude produced in Venezuela is heavy requiring a lot of processing before the oil can be used. Apart from conventional oil, Venezuela also boost of oil sand deposits that are as large as the deposits in Canada, these oil sands are found in the Orinoco belt in Venezuela.
For many years Saudi Arabia has consistently been at the top of all oil producing countries but this time has been pushed to second place by Venezuela. This country presently has 268.5 billion barrels of oil most of which come from a few giant fields. There are over one hundred oil fields in this country but only as little as eight make up the bulk of the production. There are reservations in some quarters on whether the Saudis actually have the volume of oil that the claim given that they hold on so tightly to their data, restricting access to outsiders.
Canada has huge all reserves and is also known for its oils sands deposits. The present reserves for Canada that stands at 179 billion barrels of oil and this figure includes the oil sands. The Canadian government has announced that the oil sands can now be produced economically given the present advances in technology. Most of the oils reserves in Canada, conventional and non conventional are located in Alberta.
Iran has been involved in oil production since the early 1900s and presently, oil reserves stand at 173 billion barrels. If the non convention oil sands of Canada are taken out, Iran will occupy third place in the list of countries with highest oil reserves. The main oil fields include Azadegan and Yadavaran oilfields which cumulative have 50 billion barrels of oil initially in place.
United Arab Emirates
The UAE occupies the fifth place in the top countries with highest oil reserves having reserves of 157.3 billion barrels. Most of the reserves of the country are found in Abu Dhabi emirates both onshore and offshore. The Zakum field found offshore is the largest field with about fifty billion barrels in estimated reserves.