Iraq is on Fifth in the List of 5 Largest Oil Producing Countries in the World

The Barclays Bank issued a statement in its latest report that Venezuela is leading in the list declared by the Barclays Bank with estimated amount of more than 297.7 billion barrels. This country is a part of Latin America and 96 percent of its total exports are oil exports. The Saudi Arabia is considered at the second position and its estimated oil reserves are more than 268.4 billion barrels. Canada is at the third position and its estimated oil reserves are more than 173.2 billion barrels and Canada is considered as the biggest oil supplier of crude oil to the United States. Iran is considered at the fourth position with estimated oil reserves of more than 157 billion barrels. Iraq is on the 5th position in the world according to its proven oil reserves which is estimated more than 140.3 billion barrels.

According to the Barclays Bank’s report Kuwait is at number six with its estimated oil reserves of more than 104 billion barrels. The UAE is at 7th position with 98 billion barrels oil reserves. Russia is at 8th position with 81 billion barrels. Libya is at 9th position with 49 billion barrels oil reserves and Nigeria has got 10th position with 38 billion barrels oil reserves. The current Iraqi government is working very hard to explore more oil from its soil and most of the experts believe that one day Iraq would be able to improve its raking.

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