Oil remains one of the most strategically important resources in the global economy. It powers transportation systems, underpins industrial activity, and continues to shape geopolitics and trade flows. While renewable energy is growing, oil still plays a dominant role in meeting global energy needs.

This visualization, via Visual Capitalist’s Bruno Venditti, ranks countries by the size of their proven oil reserves at the end of 2024.

The data for this graphic comes from OPEC’s Annual Statistical Bulletin 2025. Figures represent proven oil reserves as of year-end 2024 and are measured in billions of barrels. The data includes conventional crude oil as well as oil sands.

Four Countries Dominate Global Oil Reserves

Global oil reserves are highly concentrated.

Venezuela ranks first with an estimated 303 billion barrels of oil reserves. However, turning this vast resource base into economic and geopolitical power has proven difficult, as ongoing U.S. sanctions and the recent seizure of Venezuelan oil shipments under the Trump administration continue to limit the Maduro government’s ability to export crude and fully monetize its reserves.

Saudi Arabia follows the South American country with 267 billion barrels. Iran, Canada, and Iraq round out the top five.

Rank
Country
2024 (Billion Barrels)
1
Venezuela
303,221
2
Saudi Arabia
267,200
3
Iran
208,600
4
Canada
163,000
5
Iraq
145,019
6
United Arab Emirates
113,000
7
Kuwait
101,500
8
Russia
80,000
9
Libya
48,363
10
United States
45,014
11
Nigeria
37,280
12
Kazakhstan
30,000
13
China
28,182
14
Qatar
25,244
15
Brazil
15,894
16
Algeria
12,200
17
Ecuador
8,273
18
Azerbaijan
7,000
19
Norway
6,912
20
Mexico
5,136
21
Sudan
5,000
22
India
4,981
23
Oman
4,971
24
Vietnam
4,400
25
Egypt
3,300
26
Argentina
2,999
27
Malaysia
2,700
28
Angola
2,550
29
Indonesia
2,410
30
Colombia
2,019
31
Gabon
2,000
32
Congo
1,811
33
Australia
1,803
34
United Kingdom
1,500
35
Brunei
1,100
36
Equatorial Guinea
1,100
37
Turkmenistan
600
38
Uzbekistan
594
39
Ukraine
395
40
Denmark
365
41
Belarus
198
42
Chile
150

The Role of OPEC and the Middle East

Many of the world’s largest oil reserves are held by OPEC members, particularly in the Middle East. Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates anchor the region’s dominance.

These countries benefit from low extraction costs and large, easily accessible reserves. As a result, Middle Eastern producers are expected to remain critical suppliers even as global demand growth slows.

Oil Sands and Non-OPEC Producers

Canada stands out among non-OPEC countries, ranking fourth globally with 163 billion barrels of reserves. The majority of Canada’s reserves come from oil sands, which are more expensive and carbon-intensive to extract. Russia and the United States also rank among the top 10.

Taken together, the data highlights how unevenly oil resources are distributed and why oil-rich nations continue to have significant economic and geopolitical power.

If you enjoyed today’s post, check out Charted: Global Grid Investment by Country (2020–2027F) on Voronoi, the new app from Visual Capitalist.