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How much proven oil is there in the world?

As of December 31, 2013, the total global proven crude oil reserves is 1.6 trillion barrels. This amount has continued to grow as discoveries continue around the globe due in part to historically high oil prices and new discovery and production techniques.

The top five countries based on proven oil reserves are:

1) Venezuela - 297.74 billion barrels
2) Saudi Arabia - 268.35 billion barrels
3) Canada - 173.20 billion barrels
4) Iran - 157.30 billion barrels
5) Iraq - 140.30 billion barrels

The proven reserves in the United States is 30.53 billion barrels, which has been on a steady increase since 2010 (19.12 billion barrels).

 Data source: EIA

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