Answer: Ghawar field
Some extra relevant information:
The world’s largest proven oil reserves are primarily located in the Middle East, a region known for its vast petroleum resources. Countries such as Saudi Arabia, Venezuela, Iran, Iraq, and Kuwait possess the majority of these reserves.
Saudi Arabia, the world’s leading oil producer, holds the largest proven oil reserves globally. With around 266 billion barrels of proven reserves, Saudi Arabia has a significant impact on the global oil market. The country’s ability to extract and export large quantities of oil has made it a key player in the industry.
Venezuela, despite facing economic challenges, has the second-largest proven oil reserves in the world. Estimated at around 303 billion barrels, Venezuela holds immense potential for oil production. However, political and economic instability has hindered the country’s ability to fully capitalize on its oil wealth.
Iran and Iraq, both situated in the Persian Gulf region, possess substantial oil reserves. Iran ranks fourth globally, with approximately 155 billion barrels of proven reserves. Iraq, following closely behind, has proven reserves of around 147 billion barrels. Both countries have faced various challenges, including geopolitical tensions and conflicts, which have influenced their oil production capacities.
Kuwait, another Gulf nation, is also among the countries with significant proven oil reserves. With approximately 102 billion barrels, Kuwait has been a reliable oil producer and exporter for many years.
While the Middle East holds the majority of proven oil reserves, other regions also contribute to global oil production. Countries like Russia, Canada, and the United States have substantial oil reserves, but they are smaller in comparison to Middle Eastern nations.
It is important to note that proven oil reserves refer to known oil reservoirs that can be economically extracted with existing technology. As exploration and technological advancements continue, there might be new discoveries in other regions, potentially shifting the landscape of global oil reserves.