Photographs: Fahad Shadeed/Reuters.
Crude oil prices are expected to rise this year as Iranian oil sanctions will lead to a drop in oil supply.
According to UBS, Brent oil prices will hover around $112/barrel in 2012, up from $105/barrel it had forecasted earlier.
Here's a look at 15 countries with the highest oil reserves according to Businessinsider...
1. Saudi Arabia
Oil reserves: 265 billion barrels
Oil supply: 11.75 million barrels daily
Years of remaining reserves: 72.4 years
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15 countries with the highest oil reserves
Photographs: Carlos Garcia Rawlins/Reuters.
2. Venezuela
Oil reserves: 211 billion barrels
Oil supply: 2.47 million barrels daily
Years of remaining reserves: 234.1 years
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15 countries with the highest oil reserves
Photographs: Tim Chong/Reuters.
3. Iran
Oil reserves: 137 billion barrels
Oil supply: 4.13 million barrels
Years of remaining reserves: 88.4 years
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15 countries with the highest oil reserves
Photographs: Stephanie McGehee/Reuters.
4. Iraq
Oil reserves: 115 billion barrels
Oil supply: 2.7 million barrels daily
Years of remaining reserves: 128.1 years
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15 countries with the highest oil reserves
Photographs: Stephanie McGehee/Reuters.
5. Kuwait
Oil reserves: 102 billion barrels
Oil supply: 2.75 million barrels daily
Years of remaining reserves: 110.9 years
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15 countries with the highest oil reserves
Photographs: Reuters.
6. United Arab Emirates
Oil reserves: 98 billion barrels
Oil supply: 3.23 million barrels daily
Years of remaining reserves: 94.1 years
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15 countries with the highest oil reserves
Photographs: Nikolay Korchekov/Reuters.
7. Russian Federation
Oil reserves: 77 billion barrels
Oil supply: 10.33 million barrels daily
Years of remaining reserves: 20.6 years
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15 countries with the highest oil reserves
Photographs: Youssef Boudlal/Reuters.
8. Libya
Oil reserves: 46 billion barrels
Oil supply: 834,000 barrels daily
Years of remaining reserves: 76.7 years
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15 countries with the highest oil reserves
Photographs: Reuters.
9. Kazakhstan
Oil reserves: 40 billion barrels
Oil supply: 1.61 million barrels daily
Years of remaining reserves: 62.1 years
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15 countries with the highest oil reserves
Photographs: Akintunde Akinleye/Reuters.
10. Nigeria
Oil reserves: 37 billion barrels
Oil supply: 2.4 million barrels daily
Years of remaining reserves: 42.4 years
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15 countries with the highest oil reserves
Photographs: Todd Korol/Reuters.
11. Canada
Oil reserves: 32 billion barrels
Oil supply: 3.92 million barrels daily
Years of remaining reserves: 26.3 years
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15 countries with the highest oil reserves
Photographs: Joshua Lott/Reuters.
12. United States
Oil reserves: 31 billion barrels
Oil supply: 10.59 million barrels daily
Years of remaining reserves: 11.3 years
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15 countries with the highest oil reserves
Photographs: Wikimedia Commons.
13. Qatar
Oil reserves: 26 billion barrels
Oil supply: 1.64 million barrels daily
Years of remaining reserves: 45.2 years
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15 countries with the highest oil reserves
Photographs: Petar Kujundzic/Reuters.
14. China
Oil reserves: 15 billion barrels
Oil supply: 4.19 million barrels a day
Years of remaining reserves: 9.9 years
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15 countries with the highest oil reserves
Photographs: Sergio Moraes/Reuters.
15. Brazil
Oil reserves: 14 billion barrels
Oil supply: 2.8 million barrels a day
Years of remaining reserves: 18.3 years
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