Romania’s estimated oil reserves of 600 million barrels are the third largest in the European Union, Capital.ro reveals. The quantity represents around 11 per cent of total EU reserves. Great Britain has the largest oil reserves in the EU (3.1 billion barrels) followed by Denmark (1.1 billion barrels). Romania is followed by Italy (approximately 423 million barrels), Germany (approximately 276 million barrels) and Spain (150 million barrels). Russia holds the largest oil reserves Europe (74 billion barrels), followed by Norway (6.68 billion barrels), capital.ro writes. However, those figures look flimsy when compared to the oil reserves found outside Europe. Thus, Russia’s oil reserves are only the 8th largest in the world, Norway’s are 21st largest, the EU’s are 25th and Romania’s 46th. Saudi Arabia holds the largest oil reserves in the world (264 billion barrels), followed by Canada (175 billion barrels), Iran (137 billion barrels), Iraq (115 billion), Kuwait (104 billion), United Arab Emirates (98 billion) and Venezuela (98 billion.