Countries with the largest pool of oil reserves include Saudi Arabia, Canada, Iraq, Iran, Kuwait, Venezuela, United Arab Emirates, Russia, Libya and Nigeria. More than 50% of the proven oil reserves reside in the Middle East, and 75% of reserves are in OPEC member states – OPEC makes up 55% of all oil traded in global markets. [What Libya Means for Oil ETFs.]
If you are considering country-specific ETFs as a play on oil prices, factor in political risk when evaluating the ETF.
For more information on oil, visit our oil category.
Max Chen contributed to this article.