Oil is the basic need for the countries. In all over the world only few countries produce oil but all countries import it and used .Oil fulfills the basic energy needs of any country.Muslim countries are the most largest oil producing countries. The ratio of producible oil reserves to total oil in place for given field is often referred to as recover factor .Some countries are big reserve of oil.We are providing here the list of Top 10 Oil Reserving Countries.
There are 37.3 billion barrels of proven oil reserve in Nigeria. This is the largest country in Africa for oil producing. This country has oil producing capacity of 2.2 million barrel per day. At current rates this would be 45 years of supply if there is no oil found.Nigeria government hopes to increase oil production per day.Nigeria is depend on oil export.
Libya produces about 57 billion barrel oil. The oil production is 3 million barrel per day.Libya has 70 years reserve of oil .Libya oil production is low cost so this is attractive. The majority of Libya oil is exported to European markets.
There are several estimate of proven oil reserve in Qatar. Qatar produces about 4.7 million barrel per day. Qatar oil production fluctuate annually. In 2007 Qatar produced about 9 million barrel per day. Again oil production decreased in 2008.
UAE including different state. These al state produce oil.This is with border with Qatar and Iran.Dubai produces about 2.3 million barrel oil per day.Dubai population is about 1.7million.More than 80% economy of UAE depends on their natural resources.Sharjah produces 1.5 million oil per day. UAE has about 55 billion barrel .Total UAE produces about 5 million oil per day.
Iran officially Islamic country, Iran is Persian name. It came into use internationally in 1935.Before this was named Persia. This is 8th largest country in the world.Iran population is about 79 million. Iran is member of OPEC.This is main reserve of oil in the world. About 4 million barrel per day oil production .
Oil reserve make up 8% of the oil reserves in the world. Kuwait is OPEC largest oil producer and claims to hold approximately 104 billion barrel. Most of the oil reserve of this country is about 70 billion barrel.
The proven oil reserves in this country are claimed to be more about 264 billion barrels. Already by 2009, Venezuela reported 211.17 billion barrels of conventional oil reserves the largest of any country in South America. In October 2007 the Venezuelan government said its proven oil reserves was risen to 100 billion barrel. In 2008 the reserve were 170 billion barrel.
There are several different estimates of proven oil. Most estimates include only Western Siberian reserves exploited since the 1970 and supplying two-thirds of Russian oil, and not potentially huge reserves else where.Russia produces about 12 million barrel per day.
This is world 2nd largest oil reserve. The oil reserves are estimated about 179 billion barrel .Over 95% of these reserves are in the oil sand. Deposits in the province of Alberta contains nearly all of Canada’s oil sands and much of its conventional oil reserve.Canada is major oil producer in OECD.
1. Saudi Arabia
This is the Islamic country. This is world largest oil reserve.About 267 billion barrel including 2.5 g bbl in the Saudi- Kuwait neutral zone. Saudia has about 100 major oil and gas field. In summer Saudi plan to produce 500000 barrel per day.