Venezuela (Bolivarian Republic of) is being the top country by crude oil reserves in the world. As of 2015, crude oil reserves in Venezuela (Bolivarian Republic of) was 298.35 billion barrels that accounts for 18.38 % of the world's crude oil reserves. The top 5 countries (others are Saudi Arabia, Canada, Iran, and Iraq) account for 64.15 % of it. The world's total crude oil reserves was estimated at 1,623.01 billion barrels in 2015.
Proved reserves of oil (at end of year)- Generally taken to be those quantities that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions. Reserves include gas condensate and natural gas liquids (NGLs) as well as crude oil.