3. Iran: The oil reserves of Iran are 157 Billion Barrels and it has a supply of 3,538.4 Thousand Barrels each day. It means that Iran supplies more Oil than Venezuela that has largest oil reserve in the world, even when the economy of Iran is weak and it is the result of American sanctions imposed on Iran.

The oil production is reduced to 3.5 million barrels per day though it had been 35 million BPD before 2012. This shows that the International sanctions imposed on Iran are causing great damage to the country’s economy.

2. Saudi Arabia: Kingdom of Saudi Arabia is the 2nd largest country with larger oil reserves. Its proven oil reserves are 266 Billion Barrels and it has a supply of 11,545.7 Thousand barrels per day.

Saudi Arabia holds almost 17% of the world’s total oil reserves. It is placed on the top of the list as it world’s largest oil producer and exporter.

 
1. Venezuela:  Venezuela, situated in South America, is on the top of this list. The proven oil reserves of this country are 302 Billion Barrels. It supplied 2,489.2 Thousand Barrels per day in 2012 as shown in records.

Though this country has larger oil reserves than Saudi Arabia. However, the annual production is considerably less than that of SAUDI ARABIA.

Canada: Canada has the world's 3rd largest oil reserves i.e 171 billion barrels but OPEC does not include mined oil sand into its statistics.

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