The world powers and Iran struck a deal on Tuesday to curb Iran's nuclear program for at least 10 years in exchange for billions of dollars in relief from international sanctions.
One of the most talked-about side effects of the deal is the reentry of Iranian crude on the global markets.
Interestingly, although Iran has a huge amount of oil, the Islamic republic doesn't even make it into the top three when it comes to proven crude oil reserves.
Using the data provided by Barclays commodities analyst Michael Cohen, we put together a list of the 10 countries sitting on the greatest amounts of crude oil. Check them out below.
10. Nigeria
Proven crude oil reserves (bbl):
37.14 billion
Oil has been the dominant source of government revenues in Nigeria since the 1970s. However, the country struggled following last year's collapse in oil prices. And now Nigeria stands to "face extra competition" from the reintroduction of Iranian oil on the markets.
Source: Barclays Research, CIA Factbook
9. Libya
Proven crude oil reserves (bbl):
48.47 billion
Libya's economy is almost completely dependent on energy. Sales of oil and gas plunged sharply in 2014 after huge protest disruptions at oil ports.
Source: Barclays Research, CIA Factbook
8. Russia
Proven crude oil reserves (bbl):
80 billion
Although Moscow stands to benefit geopolitically following the Iran deal, the return of Iranian oil to the markets is bad news for them as Tehran could go after one of Russia's European markets.
“Iran is going to be competing in Europe head-on with Russia,” Ed Morse, the head of commodities research at Citigroup, told Bloomberg.
Source: Barclays, Business Insider
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