who has the world's largest oil reserves
Venezuela
title: Oil reserves in Venezuela text: Oil reserves in Venezuela The proven oil reserves in Venezuela are recognized as the largest in the world, totaling as of 1 January 2014. In early 2011, then-president Hugo Chávez and the Venezuelan government announced that the nation's oil reserves had surpassed that of the previous long-term world leader, Saudi Arabia. OPEC said that Saudi Arabia's reserves stood at in 2009. Venezuela's development of its oil reserves has been affected by political unrest in recent years. In late 2002, nearly half of the workers at the state oil company PDVSA went on strike, after which the company fired 18,000 of title: Oil reserves in Saudi Arabia text: Oil reserves in Saudi Arabia The proven oil reserves in Saudi Arabia are the 2nd largest in the world, estimated to be (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. They are predominantly found in the Eastern Province. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in January 2011. The Saudi reserves are about one-fifth of the world's total conventional oil reserves, a large fraction of these reserves comes from a small number of very large oil fields, and past production amounts to 40% of the title: Oil reserves in Saudi Arabia text: in 2011 revealed that Sadad Ibrahim Al Husseini, former vice president of Saudi Arabia's oil monopoly Saudi Aramco, warned the US that the oil reserves in Saudi Arabia might in fact be 40% (300 billion barrels) lower than claimed. Oil reserves in Saudi Arabia The proven oil reserves in Saudi Arabia are the 2nd largest in the world, estimated to be (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. They are predominantly found in the Eastern Province. These reserves were the largest in the world until Venezuela announced they had increased their proven reserves to 297 Gbbl in title: Oil reserves in Venezuela text: be much more complex and expensive than that of Saudi Arabia's light oil industry. The USGS did not make any attempt to determine how much oil in the Orinoco Belt is economically recoverable. Unless the price of crude rises, it is likely that the proven reserves will have to be adjusted downward. Oil reserves in Venezuela The proven oil reserves in Venezuela are recognized as the largest in the world, totaling as of 1 January 2014. In early 2011, then-president Hugo Chávez and the Venezuelan government announced that the nation's oil reserves had surpassed that of the previous long-term world title: History of the Venezuelan oil industry text: History of the Venezuelan oil industry Venezuela is one of the world's largest exporters of oil and has the world's largest proven oil reserves at an estimated 296.5 billion barrels (20% of global reserves) as of 2012. In 2008, crude oil production in Venezuela was the tenth-highest in the world at and the country was also the eighth-largest net oil exporter in the world. Venezuela is a founding member of the Organization of the Petroleum Exporting Countries (OPEC). The Indigenous peoples in Venezuela, like many ancient societies already utilized crude oils and asphalts from petroleum seeps, which ooze through the