According to leading energy data sources, here are the global leaders in proven crude oil reserves:
Rank Country Proven Reserves (billion barrels)
1 Venezuela 303
2 Saudi Arabia 267
3 Iran 209
4 Canada 168
5 Iraq 145
6 United Arab Emirates 113
7 Kuwait 101.5
8 Russia 80
9 United States 68.8
10 Libya 48.4
1. Venezuela (303 billion barrels)
This South American country leads the world due to vast heavy crude deposits in the Orinoco Belt. Despite record reserves, production remains low (742 kb/d in 2023), hindered by sanctions, ageing infrastructure, and political turmoil
2. Saudi Arabia (267 billion barrels)
Saudi Arabia boasts some of the most accessible and low-cost barrels globally. It continues to be a linchpin in oil markets through Saudi Aramco and OPEC influence.
3. Iran (209 billion barrels)
It holds significant reserves, though international sanctions limit full exploitation. It is a key player in both regional dynamics and oil geopolitics.
4. Canada (168 billion barrels)
Most reserves are in Alberta’s oil sands (>95%). The country’s high-cost extraction is balanced by US import ties and investment.
5. Iraq (145 billion barrels)
Iraq is a cornerstone of Middle Eastern oil, with reserves fueling significant exports. Its performance is occasionally impacted by regional instability.
6. United Arab Emirates (113 billion barrels)
The United Arab Emirates’ reserves are centered in Abu Dhabi and managed by state-owned oil company ADNOC. The UAE is however aggressively diversifying into tourism, finance and renewables.
7. Kuwait (101.5 billion barrels)
Around 70% of Kuwait’s reserves lie in the super-giant Burgan Field. The Middle Eastern nation has heavy investment in refining and petrochemical infrastructure (e.g., Al Zour).
8. Russia (80 billion barrels)
Russia’s reserves are largely in Siberia and Arctic zones. It is a key OPEC+ partner and production remains pivotal despite Western sanctions.
9. United States (68.8 billion barrels)
Ranked ninth globally, the United State’s substantial shale reserves is pushing production to record highs. The US leads world oil output (13.2 mb/d), according to data from April 2025.
10. Libya (48.4 billion barrels)
Libya has Africa’s largest reserves and it is concentrated in the Sirte Basin. Output is hampered by political instability but the reserves remain high in 2025
The top 10 countries account for a major share of the world’s proven reserves. Countries such as Saudi Arabia, UAE, Kuwait, US and Russia have conventional light crude while the likes of Venezuela and Canada have heavy or oil-sands crude, impacting production costs and market accessibility.
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