The 10 countries with the largest oil reserves in the world

In a world increasingly oriented toward decarbonization, oil remains a crucial resource that shapes geopolitical balances and global energy strategies. Knowing the countries with the largest proven oil reserves provides a better understanding of which nations will remain key players in the long term, regardless of current production capacity.

In 2025, Venezuela leads the world rankings with approximately 303 billion barrels of proven reserves, followed by Saudi Arabia with 267 billion and Iran with approximately 209 billion, figures that together represent over 50% of the estimated 1.5–1.6 trillion barrels globally.

Following are countries such as Canada (between 163 and 168 billion), Iraq ( 145 billion), the United Arab Emirates ( 113 billion), Kuwait ( 101.5 billion), Russia ( 80 billion), the United States ( 68–74 billion), and Libya ( 48 billion).

It is important to emphasize that possession of large reserves does not automatically guarantee high production or export potential: for example, Venezuela, despite its enormous reserves, remains far from the production leaders, producing only 0.8% of the global total in 2023 due to political crises and sanctions. By contrast, the United States is the world’s largest producer, despite having significantly smaller reserves than the OPEC countries.

This distinction between available geological reserves and actual extraction capacity reveals the most complex aspects of the geopolitics of oil, where technical, economic, and political factors contribute to determining the actual position of countries in the global energy landscape.

The 10 Countries with the Largest Oil Reserves in the World

The ranking of proven oil reserves clearly shows how energy wealth is concentrated in a few countries, many of which are members of OPEC, the Organization of the Petroleum Exporting Countries. According to Statista data (and others) at the end of 2023, the top ten countries in the world by oil reserves are as follows.

1. Venezuela with 303 billion barrels (an OPEC member) is the country with the largest proven reserves in the world. However, due to the deep economic crisis and international sanctions, Venezuelan production is in sharp decline. The oil sector, which once financed a large portion of the state budget, is now struggling to support the national economy.
2. Saudi Arabia with 267 billion barrels (OPEC) is one of the world’s largest producers, thanks in part to its extremely low extraction costs. With over 11 million barrels per day pumped in 2023, it is a key player in the global market.
3. Iran with 209 billion barrels (OPEC) is in third place. Despite sanctions and attacks from Israel and the US, it has increased exports to 1.8 million barrels per day and a significant portion of global reserves.
4. Canada with 163 billion barrels (non-OPEC) holds its reserves in the form of tar sands, which requires expensive extraction technologies.
5. Iraq with 145 billion barrels (OPEC), despite decades of war and political instability, continues to be a major producer in the global energy landscape.
6. The United Arab Emirates, with 113 billion barrels (OPEC) and a stable energy policy and strong investments in technology, is consolidating its position among the major oil exporters.
7. Kuwait, with 102 billion barrels (OPEC), despite being a small country, has a significant presence in the oil market, with well-developed infrastructure and steady production.
8. Russia, with 80 billion barrels (OPEC), despite tensions with the West and sanctions, remains one of the world’s energy powers, both for oil and gas.
9. The United States, with 74 billion barrels (non-OPEC), thanks to shale oil, has become the world’s largest producer, but its proven reserves remain lower than those of other giants.
10. Libya, with 48 billion barrels (OPEC), has enormous potential, but chronic political instability is hindering the full exploitation of its resources.

The emblematic case of Venezuela

As can be seen, Venezuela has the largest oil reserves in the world. In 2023, it had proven reserves of over 303 billion barrels. Most of this amount was held in the rocky deposits of the Orinoco Belt in the form of tar sands.

However, despite its great potential, political turmoil and the resulting sanctions by its largest importer, the United States, have hit the Venezuelan oil industry. Current oil exports to Venezuela are only a third of those in 2012.

The Power of OPEC Countries

Statista notes that most of the major oil reserve-holding countries are OPEC members. Now comprising 13 member states, OPEC’s share of global crude oil reserves is approximately 80%. Most of the cartel’s members are located in the Middle East, which holds about half the global share. Therefore, it remains a key region for the dynamics of this commodity.

The figures listed above include crude oil, shale oil, tar sands, and LNG (the liquid content of natural gas, where it is recovered separately), but not liquid biomass fuels and coal derivatives.

Countries with the highest oil production and consumption

Considering oil production in million barrels per day in 2023, this is the list of the countries that produced the most (data from the U.S. Energy Information Administration, International Energy Statistics, Total oil (petroleum and other liquids) production):

• United States: 21.91;
• Saudi Arabia: 11.13;
• Russia: 10.75;
• Canada: 5.76;
• China: 5.26;
• Iraq: 4.42;
• Brazil: 4.28;
• United Arab Emirates: 4.16;
• Iran: 3.99;
• Kuwait: 2.91.

Finally, regarding consumption, while the Middle East stands out for its highest production, North America and the Asia-Pacific region consume the most fuel. The reasons are almost obvious: increased development and population.

The United States and China are the world’s largest oil consumers, with a total of 19 million and 16.6 million barrels per day, respectively.

Over the past decade, Europe and North America’s share of global oil consumption has begun to decline, while consumption levels in Asia-Pacific and other regions have increased. As other energy sources become more affordable and thanks to the importance of new transportation technologies, global oil consumption is expected to peak in the near future.

Among the emerging data is Africa’s low domestic use of oil and Europe’s negligible level of production, which explains our continent’s dependence on energy imports.

Oil and Geopolitical Crises: How Prices Fluctuate with Wars

The price of oil is one of the economic indicators most sensitive to geopolitical events. Conflicts, international tensions, and sanctions can impact the market in a very short time, causing fluctuations that impact global energy costs and, consequently, inflation, transportation, and industrial production.

A recent example is the tensions between Iran-Israel and the United States. After the Israeli attack, the price of oil soared due to fears of an escalation in the Gulf region, which accounts for about a third of global production. However, the subsequent Iranian retaliatory attack on US bases triggered a price collapse, a sign of the market’s strong volatility.

Another high-risk scenario for Iran is that the country decides to close the Strait of Hormuz, a strategic crossing point through which approximately 20% of the world’s oil traffic passes. A potential closure by Iran could have devastating effects on prices, but many analysts consider it unlikely, as it would represent an extreme move that would deprive Tehran of one of its key diplomatic levers.

Wars and crises therefore affect not only prices, but also the strategic decisions of producing countries, global supplies, and investments in alternative energy sources. In an increasingly unstable environment, oil continues to be a crucial barometer for understanding the direction of international politics, forgetting that this commodity is highly flammable, like the geopolitical chessboard: it doesn’t take much for everything to burn.

Original article published on Money.it Italy. Original title: I 10 Paesi con maggiori riserve di petrolio al mondo