While we will keep updating about the constant changing oil scenario, let us first tell you about top 10 highest crude oil reserves in the world.
Change in crude oil prices can decide the faith of any economy. In fact, constant hike in petrol prices have impacted Indian economy too. With Iran sanction to be implemented from November 4, the oil prices may skyrocket.
However, markets are still skeptical about how much oil will be removed from the market once the sanctions start. But India, Japan and South Korea are already cutting down their purchases of Iran crude oil, which suggests that the number will be bigger than previously thought.
"If Chinese refiners do comply with U.S. sanctions more fully than expected, then the market balance is likely to tighten even more aggressively," Emirates NBD analyst Edward Bell wrote in a note.
But do you know, contrary to popular belief that Saudi Arabia, the relevant member of the Organization of the Petroleum Exporting Countries (OPEC has the biggest crude oil, it's actually some other nation that regitsers that record under its name. While we will keep updating about the constant changing oil scenario, let us first tell you about top 10 highest crude oil reserves in the world. (Images: Reuters)
1. 1. Venezuela
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According to the statistical review of World Energy 2018 by Care Ratings, Venezuela and not Saudi Arabia holds the world's biggest crude oil reserve with 303.2 billion barrels. However, recently because of the the economic crisis, Venezuela’s oil supply has been impacted.
2. 2. Saudi Arabia
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Saudi Arabia stands second in the list with a capacity of 266.2 billion barrels.
3. 3. Canada (Image: AFP)
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The third nation in the list is Canada with 168.9 billion barrels capacity.
4. 4. Iran
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Canada is followed by Iran (157 billion barrels) which will be soon witnessing the US sanctions.
5. 5. Iraq
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Fifth on the spot is Iraq with a capacity of 148.8 billion barrels
6. 6. Russia
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Russia holds oil reserve worth 106.2 billion barrels
7. 7. Kuwait
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After Russia, comes Kuwait with capacity worth 101.5 billion barrels
8. 8. UAE
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On eighth spot is United Arab Emirates with 97.8 billion barrels
9. 9. USA
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After UAE, comes United States with 50 billion barrels
10. 10. Libya
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With 48.4 billion barrels capacity, Libya is on the tenth spot.
