Many economies are running in the world on the basis of oil included in the world’s most important natural properties. Crude oil has a business ranging from Petrol-Diesel to Hawaii fuel only through crude oil and its prices also play a big role in increasing or reducing inflation in all countries. The biggest thing is that countries which have more oil reserve and there are bad conditions in any way, then the anxiety increases in many countries. The world made this feeling during the recent war between Israel-Iran. But this does not mean that countries which have the highest oil reserve, their economy is also strong, because the financial condition of the country at the forefront is very bad.
This country has the highest number of oil reserves
Even though from Saudi to Iran, Iraq and Russia, they make big claims about Crude Oil, but they are not the number-1 country in terms of oil reserve. If you look at the data on the worldometer, then the name of Venezuela comes at the forefront of this matter. Venezuela has a 303,008 million barrel oil reserve. Even after the oil is complete, the economic condition of this country is very bad and more than 80 percent of the people are forced to live in poverty. Along with this, this country is included in the list of top-5 countries with the highest inflation rate in the world.
Name of these countries after Venezuela
After Venezuela, when we talk about the top-5 countries with the most oil reserve, the next name comes from Saudi Arabia and has 267,230 million barrel oil reserve (according to 2023 figures). However, it is a rich economy and is ahead in other fields including tourism, technology, along with further in oil production. Iran is at number three and its oil reserve is 208,600 million barrels.
Iraq’s name comes at the fourth position and the Iraq Oil Reserve is 145,019 million barrels. At the same time, the country with the fifth highest oil reserve is UAE with 113,000 million barrels. Apart from this, countries like Canada, Kuwait and Libya are also included in the top-10 list.
Russia-US has so much oil
On the basis of crude oil, the entire economy of countries like Iran and Iraq rests, while there are many countries which have strong economy as well as oil reserves in large quantities. This list includes the US and Russia (US-Russia) and China (China). According to the figures, Russia has 80000 million barrel oil reserve and it gives crude oil to other countries including India. Apart from this, the US has 47,730 million barrels of oil reserves, while China has 27,889 million barrels of barrels.
India among the world’s largest oil importers
Talking about the world’s largest oil importers, the US and China, who have good oil reserves, are holding number-1 and 2 in this case. Due to the high consumption, these oils import Crude oil from rich countries. At the same time, the third largest importer is India and according to reports, its need imports 80 percent oil and 40 percent of it comes only through Strait of Hormuz with Iran’s control. However, due to continuous increase in the middle East, India has increased oil imports from Russia and America, taking major steps.
Looking at the data from the Global Trade Analyst company CPLER (KPler), it shows that in June, India imported more oil than the traditional middle East suppliers from Russia-Ass. The Indian refiner was imported 2-2.2 million barrels of Russian Crude Oil per day in June, two years of high and is more than the amount of oil coming from Iraq, Saudi Arabia, UAE and Kuwait. India’s crude oil imports from the US have also increased to 439,000 BPD in June, which was 280,000 BPD in May.