Top 10 countries with the world’s largest oil reserves
- Date: 14-Oct-2020
- Source: Gulf Business
- Sector:Oil & Gas
- Country:uae-top-picks
Top 10 countries with the world’s largest oil reserves
The oil industry has been on a wild ride this year - and not just because of the coronavirus pandemic.
Oil prices were already under pressure due to dropping demand amidst a glut in supply, leading the Organisation of Petroleum Exporting Countries (OPEC) and other top producers such as Russia to jointly cut production last year.
Early this year, when the Covid-19 situation began to escalate, OPEC - led by Saudi Arabia - proposed further cuts in response to sluggish demand. However, after Russia declined to cut production, the kingdom also boosted supply, which led to a steep decline in oil prices.
In April 2020, WTI crude oil reached negative territory for the first time ever, plummeting to a low of -$40.32 per barrel, with Brent crude also dropping below $20 per
Select Sector 
Select Country 
