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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

People walk near power plant number 10 at Saudi Electricity Company's Central Operation Area, south of Riyadh.

Crude oil prices are expected to rise this year as Iranian oil sanctions will lead to a drop in oil supply.

According to UBS, Brent oil prices will hover around $112/barrel in 2012, up from $105/barrel it had forecasted earlier.

Here's a look at 15 countries with the highest oil reserves according to Businessinsider...

1. Saudi Arabia

Oil reserves: 265 billion barrels
Oil supply: 11.75 million barrels daily
Years of remaining reserves: 72.4 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

Crude oil drips from a valve at an oil well operated by Venezuela's state oil company PDVSA in Morichal.

2. Venezuela

Oil reserves: 211 billion barrels
Oil supply: 2.47 million barrels daily
Years of remaining reserves: 234.1 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

Malta-flagged Iranian crude oil supertanker

3. Iran

Oil reserves: 137 billion barrels
Oil supply: 4.13 million barrels
Years of remaining reserves: 88.4 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

Kuwait Oil Tanker employees oversee the loading of crude oil into the new Kazimah III Oil Tanker at Ahmadi North Pier in Kuwait.

4. Iraq

Oil reserves: 115 billion barrels
Oil supply: 2.7 million barrels daily
Years of remaining reserves: 128.1 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

5. Kuwait

Oil reserves: 102 billion barrels
Oil supply: 2.75 million barrels daily
Years of remaining reserves: 110.9 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A car owner smiles as he chats to a petrol pump attendent while refilling his car at a Dubai petrol station.

6. United Arab Emirates

Oil reserves: 98 billion barrels
Oil supply: 3.23 million barrels daily
Years of remaining reserves: 94.1 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

7. Russian Federation

Oil reserves: 77 billion barrels
Oil supply: 10.33 million barrels daily
Years of remaining reserves: 20.6 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

Armed National Transitional Council (NTC) fighters stand at a checkpoint at the Libyan Oil Refining Company (LERCO) in Ras Lanuf.

8. Libya

Oil reserves: 46 billion barrels
Oil supply: 834,000 barrels daily
Years of remaining reserves: 76.7 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A Kazakh specialist takes crude oil for analysis at the Kumkol oil field near western Kazakh city Kuzul-Orda in this September 1997 file photo.

9. Kazakhstan

Oil reserves: 40 billion barrels
Oil supply: 1.61 million barrels daily
Years of remaining reserves: 62.1 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A man collects crude oil from a drum at an illegal refinery in the village of Isuini-biri in Nigeria's Bayelsa state.

10. Nigeria

Oil reserves: 37 billion barrels
Oil supply: 2.4 million barrels daily
Years of remaining reserves: 42.4 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A worker rides his bike near Syncrude's $7.5 million expansion mine, which remains shut after residents complained of odors coming from the site, north of Fort McMurray, Alberta.

11. Canada

Oil reserves: 32 billion barrels
Oil supply: 3.92 million barrels daily
Years of remaining reserves: 26.3 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A motorist pumps fuel into her vehicle at JJ's Express Gas Plus station in Phoenix gas station in Phoenix, Arizona.

12. United States

Oil reserves: 31 billion barrels
Oil supply: 10.59 million barrels daily
Years of remaining reserves: 11.3 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

13. Qatar

Oil reserves: 26 billion barrels
Oil supply: 1.64 million barrels daily
Years of remaining reserves: 45.2 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

Security personnel stand guard as a car drives past the Yanshan oil refinery of Sinopec Corp. in Beijing.

14. China

Oil reserves: 15 billion barrels
Oil supply: 4.19 million barrels a day
Years of remaining reserves: 9.9 years

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15 countries with the highest oil reserves

Last updated on: May 17, 2012 15:06 IST

A man walks at the Cidade Angra dos Reis offshore platform at the Lula oil field, about 300 km (186.4 miles) from the coast of Rio de Janeiro.

15. Brazil

Oil reserves: 14 billion barrels
Oil supply: 2.8 million barrels a day
Years of remaining reserves: 18.3 years