Which country has the largest proven oil reserves
20 Apr 2018 The country has 142,503 million barrels. As stated in the above Investopedia report, Iraq sits upon some of the world's largest proven reserves This is a list of countries by proven oil reserves.Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions. With 300,878 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world. The country's oil is a relatively new discovery. Previously, Saudi Arabia had always held the number one position.