The country with the most proven oil reserves is Venezuela, with approximately 299.95 billion barrels, accounting for 18.2% of the world's total reserves. Venezuela's vast reserves place it at the top of global oil producers.
Following Venezuela, the top countries with the largest oil reserves are:
- Saudi Arabia: Holds about 266.58 billion barrels, which is 16.2% of global reserves. Saudi Arabia is a major oil producer and exporter, playing a crucial role in global oil markets.
- Canada: Has 170.86 billion barrels, representing 10.4% of the world's reserves. Canada's reserves are primarily in the oil sands of Alberta.
- Iran: Possesses 157.53 billion barrels, making up 9.5% of global reserves. Iran is a significant player in the global oil industry, though its production is affected by geopolitical issues.
- Iraq: Holds 143.07 billion barrels, or 8.7% of the world’s reserves.
- Kuwait: Has 101.5 billion barrels, which is 6.1% of global reserves. Kuwait’s oil sector is a major component of its economy.
