Venezuela holds the world’s largest proven crude oil reserves

What We’re Showing

This graphic shows the world’s top 10 countries with the largest proven crude oil reserves, based on data from the OPEC 2024 Report. It highlights the heavy concentration of global oil resources, with Venezuela leading the list, followed by Saudi Arabia and Iran.

Venezuela holds about 303 billion barrels of proven crude oil reserves, or 19.4% of the global total, making it the world’s largest holder. Saudi Arabia ranks second with 267 billion barrels (17.1%), while Iran follows with 209 billion barrels (13.3%). Together, the top three countries account for nearly half of global proven reserves.

Canada is the largest non-OPEC country, with 171 billion barrels (10.9%), largely from oil sands. Iraq (145 billion barrels, 9.3%), the UAE (113 billion barrels, 7.2%) and Kuwait (102 billion barrels, 6.5%) further underline the Middle East’s dominance. Russia (80 billion barrels, 5.1%), Libya (48 billion barrels, 3.1%) and the United States (45 billion barrels, 2.9%) complete the top 10.

Key Takeaways

• Venezuela holds nearly one-fifth of global proven crude oil reserves, topping the global rankings.
• The top three countries control almost half of the world’s oil reserves, highlighting high concentration.
• OPEC members dominate the list, reinforcing their long-term influence over oil markets.
• Canada leads non-OPEC producers, ranking fourth globally by reserves.
• The United States ranks last among the top 10, highlighting the gap between production leadership and reserve size.