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12 Sep 2017 Russia has the world's eighth-largest proven oil reserves, at 80 billion barrels. Russia is the second-largest crude oil exporter by volume. 1  Keep reading to learn how long the U.S. oil reserves will last. The reserve has a capacity of 727 million barrels (though there are plans to Recently, the largest release in the history of the reserve was announced as an economic measure. 15 Sep 2019 South Korea, the world's fifth-largest crude oil importer, currently has about 96 million barrels of crude oil and refined products as strategic