The correct answer is (c), Saudi Arabia.
Saudi Arabia has the largest proven petroleum reserves in the world, with 292.8 billion barrels as of January 1, 2022. This is more than double the reserves of the second-largest country, Venezuela, which has 137.4 billion barrels. Iraq has the third-largest reserves, with 145.1 billion barrels, followed by Iran with 157.8 billion barrels. The United States has the fourth-largest reserves, with 36.2 billion barrels.
Petroleum reserves are the amount of petroleum that is estimated to be technically and economically recoverable from known accumulations. Proven reserves are those that have been analyzed and evaluated by a qualified petroleum engineer and that can be recovered with existing technology and under current economic conditions.
The world’s petroleum reserves are concentrated in a few countries. The top 10 countries in terms of proven reserves account for more than 70% of the world’s total. Saudi Arabia, Venezuela, Iraq, Iran, and Kuwait are the five countries with the largest proven reserves.
The distribution of petroleum reserves is not evenly distributed around the world. The Middle East region has the largest share of the world’s proven reserves, followed by North America, South America, Africa, and Europe.
The world’s petroleum reserves are a finite resource. As the world’s population continues to grow, the demand for petroleum will increase. This will put a strain on the world’s petroleum reserves and could lead to higher prices.