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15 countries with biggest oil reserves

Big movements in the price of oil can have significant impact on the economy, and although the commodity is off its all-time highs, countries with the most oil within their borders are set to benefit as demand for crude continues to rise.

As of 2010, the US government estimates that the world has proved reserves in the neighbourhood of 1.35 trillion barrels; the net amount of oil fields that have been identified as having a reasonable certainty of recovery.

Labelling subterranean oil "proved" reserves takes into consideration both the logistic feasibility, political and economic conditions surrounding the oil's physical extraction.

With the most recent data from the Energy Information Administration, here are the countries with the biggest proved oil reserves.

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15 countries with biggest oil reserves

1. Saudi Arabia

Proven oil reserves: 259.9 billion barrels

Proportion of world total: 19.20 per cent

Total oil production: 9.76 million barrels

Consumption: 2.43 million barrels

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15 countries with biggest oil reserves

2. Canada

Proven oil reserves: 175.2 billion barrels

Proportion of world total: 12.94 per cent

Total oil production: 3.29 million barrels

Consumption: 2.15 million barrels

15 countries with biggest oil reserves

3. Iran

Proven oil reserves: 137.6 billion barrels

Proportion of world total: 10.16 per cent

Total oil production: 4.18 million barrels

Consumption: 1.69 million barrels

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15 countries with biggest oil reserves

4. Iraq

Proven oil reserves: 115 billion barrels

Proportion of world total: 8.5 per cent

Total oil production: 2.4 million barrels

Consumption: 636,000 barrels

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15 countries with biggest oil reserves

5. Kuwait

Proven oil reserves: 101.5 billion barrels

Proportion of world total: 7.5 per cent

Total oil production: 2.5 million barrels

Consumption: 372,000 barrels

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15 countries with biggest oil reserves

6. Venezuela

Proven oil reserves: 99.4 billion barrels

Proportion of world total: 7.34 per cent

Total oil production: 2.47 million barrels

Consumption: 723,000 barrels

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15 countries with biggest oil reserves

7. The United Arab Emirates

Proven oil reserves: 97.8 billion barrels

Proportion of world total: 7.22 per cent

Total oil production: 2.79 million barrels

Consumption: 492,000 barrels

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15 countries with biggest oil reserves

8. Russia

Proven oil reserves: 60 billion barrels

Proportion of world total: 4.43 per cent

Total oil production: 9.93 million barrels

Consumption: 2.74 million barrels

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15 countries with biggest oil reserves

9. Libya

Proven oil reserves: 44.3 billion barrels

Proportion of world total: 3.27 per cent

Total oil production: 1.79 million barrels

Consumption: 264,000 barrels

(These figures are based on data available before the political unrest in the country)

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15 countries with biggest oil reserves

10. Nigeria

Proven oil reserves: 37.2 billion barrels

Proportion of world total: 2.75 per cent

Total oil production: 2.21 million barrels

Consumption: 272,000 barrels

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15 countries with biggest oil reserves

11. Kazakhstan

Proven oil reserves: 30 billion barrels

Proportion of world total: 2.22 per cent

Total oil production: 1.54 million barrels

Consumption: 241,000 barrels

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15 countries with biggest oil reserves

12. Qatar

Proven oil reserves: 25.4 billion barrels

Proportion of world total: 1.88 per cent

Total oil production: 1.21 million barrels

Consumption: 147,000 barrels

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15 countries with biggest oil reserves

13. China

Proven oil reserves: 20.4 billion barrels

Proportion of world total: 1.51 per cent

Total oil production: 3.99 million barrels

Consumption: 8.32 million barrels

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15 countries with biggest oil reserves

14. United States

Proven oil reserves: 19.2 billion barrels

Proportion of world total: 1.42 per cent

Total oil production: 9.14 million barrels

Consumption: 18.81 million barrels

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15 countries with biggest oil reserves

15. Brazil

Proven oil reserves: 11.65 billion barrels

Proportion of world total: 0.95 per cent

Total oil production: 2.57 million barrels

Consumption: 2.52 million barrels