Venezuela Has the Largest Oil Reserves on Earth 🇻🇪

Key Takeaways

• With 303 billion barrels in proven oil reserves, Venezuela leads globally.
• Saudi Aramco pumps roughly 11 million barrels of oil per day, equal to about 10% of the global total, thanks to the country's vast oil reserves.
• In May, Iran's exports of crude oil totaled 1.8 million per day. Overall, a third of the world's oil is produced in the Gulf region.

War in Middle East Could Rattle Oil Markets

While oil futures increased 15% since Israel's attack on Iran, they fell substantially after Iran attacked U.S. military bases on Monday—instead of targeting energy flows.

Yet if Iran closes the Strait of Hormuz, where a fifth of global oil is transported through, oil prices could spike.

The likelihood of this happening remains uncertain, however. Many oil executives believe there is a slim chance of Iran following through on this threat given that it is one of its most powerful bargaining chips.

In sum, this chip will be gone once it is used, putting the country in a particularly precarious position.