The 10 largest oil reserves in the Arab world

The 10 largest oil reserves in the Arab world : Arab countries have one of the largest proven oil reserves in the world. Out of the 10 largest reserves in the world, there are five Arab countries, four of which are located in the Middle East.

Proven oil reserves are estimates of how much crude oil is in each country, and at present, it is believed that there are approximately 1.7 trillion barrels of oil underground.

Below we take a quick look at the largest oil reserves in the Arab world.

The largest oil reserves in the Arab world

The Kingdom of Saudi Arabia has the second largest proven oil reserves in the world, and the largest in the Arab world, estimated at 266 billion barrels.

This volume represents about 16.2 percent of the total world reserves, and only Venezuela has reserves greater than them, 299 billion barrels.

The Kingdom produces approximately 12 million barrels of oil per day, of which three million are consumed domestically, and nine million are exported abroad.

If the Kingdom continues to consume oil in this way, it is likely that it will exhaust all its oil reserves after about 220 years from now.

Iraq

Iraq has the fifth largest oil reserves in the world after Venezuela, Saudi Arabia, Canada and Iran. This reserve is estimated at 143 billion barrels, approximately 8.7 percent of the world's total reserves.

Iraq produces 4 million barrels every day, almost half of the Kingdom's production, and most of this production goes to export, and only 850,000 barrels are consumed locally.

Iraq exports 80 percent of its oil production, one of the largest in the world.

Oil reserves in other Arab countries

Kuwait ranks third in the Arab world and sixth globally, with reserves of 101 billion barrels, followed by the United Arab Emirates with 97 billion barrels.

In Africa, Libya ranks first with 48 billion barrels.

Libya's oil reserves are greater than those of Nigeria (35 billion barrels), the United States (35 billion barrels), Kazakhstan (30 billion barrels), and even Qatar (25 billion barrels)

Qatar ranks thirteenth in the world, while Algeria occupies sixteenth position, the Sultanate of Oman ranks twenty-first, and Sudan ranks twenty-third.