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December 12, 2017

These are the 10 countries with the biggest oil reserves

By GlobalData Energy

The US has the largest crude oil reserves in the world, with 91.3bn barrels.

Saudi Arabia, Iraq, and Russia follow closely with 77.4bn barrels, 71.7bn barrels, and 70.6bn barrels respectively.

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The United Arab Emirates has the lowest break-even oil price at $3 per barrel, while Brazil has the highest break even oil price at $33 per barrel.

The oil price went above $65 a barrel for the first time in more than two years today morning after a crack in the UK North Sea’s main pipeline system threatened short-term production.

Brent crude, the international crude oil benchmark, hit $65.70 a barrel before slipping back to $65.33.

Last month, the Organisation of the Petroleum Exporting Countries (Opec) and non-Opec producers led by Russia agreed to extend production cuts until the end of 2018 as part of an effort to increase oil prices.