15 countries with biggest oil reserves

Image: World has proven reserves of 1.35 trillion barrels.

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

Image: Saudi Arabia has proven oil reserves of 259.9 billion barrels.

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

. . .

15 countries with biggest oil reserves

Image: Canada's consumption is 2.15 million barrels.

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

Image: Iran has proven reserves of 137.6 billion barrels.

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

. . .

15 countries with biggest oil reserves

Image: Iraq's proportion of world total is 8.5 per cent.

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

. . .

15 countries with biggest oil reserves

Image: Kuwait has total oil production of 2.5 million barrels.

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

. . .

15 countries with biggest oil reserves

Image: Venezuela has a consumption of 723,000 barrels.

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

. . .

15 countries with biggest oil reserves

Image: The UAE has proven reserves of 97.8 billion barrels.

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

. . .

15 countries with biggest oil reserves

Image: Russia has a consumption of 2.74 million barrels.

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

. . .

15 countries with biggest oil reserves

Image: Libya has proven reserves of 44.3 billion barrels.

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)

. . .

15 countries with biggest oil reserves

Image: Nigeria's proportion of world total is 2.75 per cent.

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

. . .

15 countries with biggest oil reserves

Image: Kazakhstan has a consumption of 241,000 barrels.

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

. . .

15 countries with biggest oil reserves

Image: Qatar has proven oil reserves of 25.4 billion barrels.

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

. . .

15 countries with biggest oil reserves

Image: China's proportion of world total is 1.51 per cent.

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

. . .

15 countries with biggest oil reserves

Image: The US has proven oil reserves of 19.2 billion barrels.

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

. . .

15 countries with biggest oil reserves

Image: Brazil's proportion of world total is 0.95 per cent.

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

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