Kathmandu. Petroleum is called ‘black gold’. Many types of products are made from it. Which is widely used in many industries.
There is competition among the countries of the world to capture its business. The economies of many countries in West Asia are completely dependent on oil. The U.S. is currently the world’s largest producer and consumer of crude oil, but does not have very large reserves.
Eight countries in the world have larger oil reserves than the United States. According to the Organization of the Petroleum Exporting Countries (OPEC), Venezuela has the world’s largest oil reserves. The country has 303 billion barrels of oil reserves. Which is 17.3 percent of the world’s total known oil reserves.
Saudi Arabia is second on the list. The country’s oil reserves are 267 billion barrels. That’s 15.2 percent of the world.
Iran is third on the list with a reserve of 209 billion barrels. Venezuela and Iran are among the countries with the lowest prices of petrol.
Canada is the second largest country in the world by area. The country has 163 billion barrels of crude oil reserves. That’s 9.3 percent of the world.
Iraq has 145 billion barrels of crude oil reserves. The UAE has 113 billion barrels, Kuwait 102 billion barrels, Russia 80 billion barrels, the United States 74 billion barrels and Libya 48 billion barrels. – Agency
