6 Countries with the Largest Crude Oil Reserves in the World

Crude oil remains the cornerstone of the global energy economy, influencing everything from transportation and manufacturing to geopolitics and national security.

As demand shifts and energy transitions accelerate, understanding where the world’s largest oil reserves lie offers key insights into future supply chains, market dynamics, and international alliances. We examine six countries with the most substantial proven crude oil reserves.

1. Venezuela – The World’s Oil Reserve Titan

Venezuela holds the largest proven crude oil reserves globally, estimated at approximately 303 billion barrels as of 2024. These reserves are predominantly located in the Orinoco Belt, containing extra-heavy crude oil that requires advanced extraction techniques.

Despite its vast reserves, Venezuela’s oil production has faced significant challenges due to economic instability, infrastructure issues, and international sanctions. In 2024, the country’s oil output averaged around 921,000 barrels per day, a modest increase attributed to strategic partnerships and political maneuvers.

The state-owned company, Petróleos de Venezuela, S.A. (PDVSA), manages the nation’s oil resources. However, its operations have been hampered by limited foreign investment and technical expertise. International collaborations, such as those with Chevron, have provided some relief, but the sector’s full potential remains untapped.

2. Saudi Arabia – Strategic Reserves and Aramco Power

Saudi Arabia ranks second globally in proven crude oil reserves, with an estimated 267 billion barrels as of 2024. The majority of these reserves are located in the Eastern Province, including the massive Ghawar Field, the world’s largest onshore oil field.

The state-owned enterprise, Saudi Aramco, oversees the kingdom’s oil production and has been instrumental in maintaining its position as a leading oil exporter. In 2023, Aramco produced approximately 9 million barrels per day, with most exports directed to Asian markets.

Saudi Arabia’s influence extends beyond production; as a key member of OPEC+, it plays a pivotal role in global oil price stabilization. Recent discoveries of new oil and gas fields in the Eastern Region and the Empty Quarter further bolster its energy portfolio.

3. Iran – Oil Wealth Amid Sanctions

Iran possesses the third-largest proven crude oil reserves globally, estimated at 208.6 billion barrels in 2024. These reserves are primarily located in the southwestern region, with significant fields such as Ahvaz and Marun.

The National Iranian Oil Company (NIOC) manages the country’s oil sector. Despite its vast reserves, Iran’s oil production has been constrained by international sanctions and limited foreign investment. In 2024, Iran’s total crude oil distillation capacity was approximately 2.1 million barrels per day.

Geopolitical tensions have further impacted Iran’s oil exports, particularly concerns over the Strait of Hormuz, a critical energy trade route. Nevertheless, Iran remains a key player in the global oil industry, with its reserves accounting for 12% of the world’s total.

4. Canada – Oil Sands Superpower

Canada ranks fourth in global proven crude oil reserves, with an estimated 171 billion barrels as of 2024. A significant 97% of these reserves are located in Alberta’s oil sands, particularly in the Athabasca, Peace River, and Cold Lake regions.

The Canadian oil industry is characterized by a mix of private enterprises and government oversight. Major oil companies operate in the region, contributing to Canada’s position as the world’s fourth-largest petroleum producer in 2023.

Environmental concerns have been raised regarding oil sands extraction, prompting investments in innovative technologies to reduce emissions and improve sustainability. Canada’s oil exports are primarily directed to the United States, with growing interest in Asian markets.

5. Iraq – Rich Reserves, Risky Terrain

Iraq holds the fifth-largest proven crude oil reserves globally, estimated at over 145 billion barrels as of 2025. These reserves are predominantly located in the southern region, including the supergiant Rumaila and West Qurna fields.

The oil sector is vital to Iraq’s economy, accounting for a significant portion of government revenue. In 2024, Iraq produced approximately 4.5 million barrels of oil per day, making it the second-largest producer in OPEC.

Despite its wealth, Iraq faces challenges such as political instability, infrastructure issues, and security concerns. The government is actively seeking foreign investment to boost production and aims to increase its proven reserves to over 160 billion barrels.

6. United Arab Emirates – Efficient Giant in the Gulf

The United Arab Emirates (UAE) ranks sixth globally in proven crude oil reserves, estimated at 113 billion barrels in 2024. The majority of these reserves are located in the emirate of Abu Dhabi.

The Abu Dhabi National Oil Company (ADNOC) manages the UAE’s oil resources, emphasizing efficiency and innovation. In 2024, the UAE’s crude oil production capacity was projected to increase to approximately 3.5 million barrels per day by 2028.

The UAE has invested heavily in its oil infrastructure and is exploring renewable energy sources to diversify its energy portfolio. Its strategic location and stable political environment make it a key player in the global energy market.

The global distribution of crude oil reserves significantly influences energy markets and geopolitical dynamics. Countries like Venezuela, Saudi Arabia, and Iran hold vast reserves that shape global supply and pricing. Meanwhile, nations such as Canada, Iraq, and the UAE continue to develop their resources amidst various challenges and opportunities.

Understanding these reserves’ locations and management is crucial for stakeholders in the energy sector, policymakers, and investors aiming to navigate the complex landscape of global oil production and consumption.