(b) The largest proven oil reserve of the world till 2013 lies in Saudi Arabia. Proven reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from the known reservoirs and under current economic conditions. With over 300 million barrels of proven reserves, Venezuela has the largest amount of proven oil reserves in the world according to OPEC data of 2017.