7 Countries with the Largest Oil Reserves in the World, Venezuela Attacked by the US Ranked Highest

Illustration - oil reserve exploration activities (photo: Pixabay/RJA1988)

YOGYAKARTA - The Organization of the Petroleum Exporting Countries (OPEC) ranks Venezuela as the country with the largest oil reserves in the world. Referring to the OPEC Annual Statistical 2025 report, the total proven oil reserves of the world at the end of 2024 reached 1.566 billion barrels. Interestingly, most of these reserves are concentrated in only a few countries, including Venezuela which has 303.22 billion barrels or one fifth of the world's oil reserves owned by Venezuela.

It should be understood that oil reserves are one of the determining factors in the global energy and political power map.

Oil reserves that are only concentrated in a small number of countries, make energy issues not only related to supply and price, but also related to geopolitical interests and global security.

The spotlight on world oil reserves has strengthened after the United States launched a military operation in Venezuela in early January 2026.

After storming the Caracas region and arresting President Nicolas Maduro on Saturday, January 3. US President Donald Trump said that the Uncle Sam's country would control Venezuela's oil and gas reserves.

In addition, Trump also emphasized Washington's strong involvement in the country's energy sector.

List of Countries with the Largest Oil Reserves in the World

Based on the Ministry of Energy and Mineral Resources' Oil and Gas Statistics, oil reserves are the volume of petroleum and/or natural gas that, according to the analysis of geological and engineering data, can be obtained commercially within a specified period of time under the prevailing economic conditions, methods and government regulations at that time.

Referring to OPEC's official data until the end of 2024, the following are the 7 countries with the largest oil reserves in the world:

Venezuela

Venezuela occupies the top position in the world with proven oil reserves reaching 303.221 billion barrels, or about 17 percent of the total global oil reserves.

Most of the reserves are heavy oil concentrated in the Orinoco Belt region, requiring advanced technology and higher production costs than conventional oil.

Saudi Arabia

Saudi Arabia ranks second with proven oil reserves of around 267,200 billion barrels, making it one of the key players in maintaining the stability of the world's oil supply.

The size of this reserve allows Saudi Arabia to have a strategic role in OPEC's production policy and also affects the movement of global oil prices.

Iran

Iran is in third place with proven oil reserves of 208,600 billion barrels, although its production activities are often disrupted by international sanctions.

However, the size of the reserves makes Iran remain an important actor in the long term in the global energy market.

Iraq

Iraq ranks fourth in the world with proven oil reserves reaching 145.019 billion barrels spread across various giant oil fields.

This potential makes Iraq one of the countries with the greatest opportunities for increased production in the Middle East region.

United Arab Emirates

The United Arab Emirates is in fifth place with proven oil reserves of around 113,000 billion barrels, with Abu Dhabi as the main production center.

This large reserve is the main support for the UAE's economic diversification strategy amid the global energy transition trend.

Kuwait

Kuwait occupies sixth place with proven oil reserves of 101,500 billion barrels, despite the relatively small size of its territory.

The oil sector is the backbone of Kuwait's economy and the main source of state revenue.

Russia

Russia is recorded as the country with the largest oil reserves in the world, which is around 80,000 billion barrels by the end of 2024.

The size of the reserves strengthens Russia's position as one of the main energy suppliers to the European and Asian regions.

This is information about the country with the largest oil reserves in the world. Come on, visit VOI.id to get other updated news choices