Which country holds more than 20% of the world's known reserves today?

Which country holds more than 20% of the world's known reserves today?

• A. Canada
• B. Saudi Arabia
• C. Russia
• D. Iraq

Answer: (B)

Understanding this asks you to look at proven oil reserves—the amounts that are recoverable with current technology and prices. Saudi Arabia has the largest set of proven oil reserves, anchored by huge fields like Ghawar, which gives it a very large share of the global total. Because of those vast reserves, its portion of the world’s known oil reserves is typically cited as about one-fifth or more, meaning it exceeds the 20% mark. The other countries listed also have substantial reserves, but their shares are smaller than Saudi Arabia’s, so they don’t surpass that threshold in standard tallies. Keep in mind the exact percentage can vary a bit between data sources and over time as discoveries, reevaluations, and price changes affect reserve estimates.

Understanding this asks you to look at proven oil reserves—the amounts that are recoverable with current technology and prices. Saudi Arabia has the largest set of proven oil reserves, anchored by huge fields like Ghawar, which gives it a very large share of the global total. Because of those vast reserves, its portion of the world’s known oil reserves is typically cited as about one-fifth or more, meaning it exceeds the 20% mark. The other countries listed also have substantial reserves, but their shares are smaller than Saudi Arabia’s, so they don’t surpass that threshold in standard tallies. Keep in mind the exact percentage can vary a bit between data sources and over time as discoveries, reevaluations, and price changes affect reserve estimates.