Top 10 Countries with Major Global Oil Reserves

The top 10 countries with major global oil reserves are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Russia, UAE, Kuwait, USA, and Libya. Oil is also known as Black Gold and is an important resource to empower economies. It also helps to shape geopolitics. With more than 300 billion barrels of oil in reserve, Venezuela boasts the world’s greatest oil reserves. With 297.5 billion barrels of oil reserves, Saudi Arabia is the country with the second-highest global oil reserves.

Not every major oil producer has considerable established oil reserves. Varying sources give varying estimates of the United States crude oil reserves, but the EIA believes the country possesses about 36 billion barrels of producible crude and condensate.

In this article, we will look into the list of the top 10 countries with major global oil reserves, along with the quantity of oil reserves.

About Countries with Major Global Oil Reserves

Venezuela possesses the largest portion of the world’s oil reserves. 19% of the world’s known oil reserves were located in this South American nation as of 2022. Saudi Arabia came next, at about 17%. Oil sands and other very heavy oil types, which were only made accessible by technological advancements in the late 2000s and early 2010s, comprise the majority of Venezuela’s oil reserves. The United States has shale oil and is thus a significant producer impacting global supply dynamics. Canada’s oil sands contribute to its position among top reserve holders. These nations collectively shape global energy politics. It is so because the world is heavily dependent on fossil fuels.

List of Top 10 Countries with Major Global Oil Reserves

The Top 10 Countries with Major Global Oil Reserves are as follows:

Countries	Oil Reserves (in billion barrels)
Venezuela	303.806 Billion Barrels
Saudi Arabia	258.600 Billion Barrels
Canada	170.300 Billion Barrels
Iran	156 Billion Barrels
Iraq	145.019 Billion Barrels
Russia	112.1 Billion Barrels
UAE	111 Billion Barrels
Kuwait	101.500 Billion Barrels
USA	68.800 Billion Barrels
Libya	48.363 Billion Barrels

Largest Country with Major Global Oil Reserves – Venezuela

Venezuela has the largest oil reserves globally i.e. 303.806 Billion Barrels and is situated in South America. The reserves are mainly located in the Orinoco belt. Venezuela surpassed Saudi Arabia in 2011. Venezuela has faced many political unrest situations and thus development of these resources has taken a backseat. Venezuela also has oil sands deposits. Recently, Reliance Industries, Indian Oil Corp and HPCL-Mittal Energy have all secured cargoes of Venezuelan oil.

Second Largest Country with Major Global Oil Reserves – Saudi Arabia

Saudi Arabia was home to the biggest oil reserves for many decades but it was pushed to second place when new resources in Venezuela were discovered. A significant amount of oil fields are concentrated in small areas. Ghawar field which is the biggest oil field in the world is located in Saudi Arabia. Saudi Arabia holds an oil reserve of 258.600 Billion Barrels which is the second-largest oil reserve. Saudi Arabia also plays a key role in OPEC. The oil was first struck at the Dammam oilfield in 1938 and the oil industry flourished rapidly. The oil of Saudi Arabia is controlled by the monarchy which has majority ownership of the company Saudi Aramco. The company Saudi Aramco is the world’s most valuable oil company. The main destinations for Saudi Arabia’s crude oil export are China, Japan and South Korea.

Third Largest Country with Major Global Oil Reserves – Canada

Canada is also among the largest oil reserves holders. It has 170.300 Billion Barrels and constitutes around 9% share of global resources. Canada’s oil sands are situated in Alberta. The oil sand deposits in Alberta hold over 95% of Canada’s oil reserves and also have many conventional oil resources. Canada is a net exporter of crude oil and the USA is the biggest buyer. In 2021, 66% of Canada’s oil imports came from the U.S., compared to 75% in 2020, according to the official website of the Canada Energy Regulator. The top 3 biggest Canadian oil and gas companies are Cenovus Energy Inc. (CVE), Suncor Energy Inc. (SU) and Imperial Oil Ltd. (IMO)

Fourth Largest Country with Major Global Oil Reserves – Iran

It is the fourth largest oil reserve and has a reserve of 208.600 Billion Barrels. Oil reserves are primarily located in its vast oil fields. Iran faces many geopolitical challenges but still, the oil reserves of this country are important economic drivers. The top five fields hold over 80 Billion Barrels. Iran is expanding its oil trade with China and China is the biggest importer of oil from Iran.

Fifth Largest Country with Major Global Oil Reserves – Iraq

Iraq has the 5th largest oil reserve even though most reserves are unexploited. Iraq’s oil reserves have played a significant role in their economic recovery post-conflict. It holds 145.019 Billion Barrels of oil reserves. Iraq is the 5th largest producer globally with over 4 Million barrels per day in 2022 and interestingly only a portion of its field was used. On 2nd January 2024, the Iraqi Oil Ministry reported that the country exported more than 1.2 Billion Barrels in 2023. Chinese, Indian and US companies were the primary buyers.

Sixth Largest Country with Major Global Oil Reserves – Russia

Russia has Europe’s largest oil reserve and it is also one of the largest oil producers. Russia has 112.100 Billion Barrels. It produces 540.7 million tons annually. Most of the oil reserves are in Siberia. The production of oil decreased with the collapse of the USSR but picked up pace after the privatisation of the energy industry. Russia was the third biggest oil-producing nation in 2019.

Seventh Country with Major Global Oil Reserves – United Arab Emirates

The United Arab Emirates has an oil reserve of 111 Billion Barrels. Majorly Abu Dhabi has oil reserves and Zakum field has almost 66 Billion Barrels and is the largest singular field in the whole UAE. According to OEC, Japan, India, China, Singapore and Thailand are top buyers. UAE is OPEC’s third-biggest oil producer.

Eighth Largest Country with Major Global Oil Reserves – Kuwait

Kuwait is located in the Persian Gulf and acts as the cornerstone of economic stability. Kuwait has 101.500 Billion Barrels despite being a small country. It has almost 8% of the world’s known oil reserves. Primarily the oil reserves are in the Burgan field. Greater Burgan is the largest sandstone oilfield. According to OEC which is a leading exchange company in Kuwait the top destinations of crude petroleum exports from Kuwait are China, South Korea, India, Japan and Vietnam

Ninth Largest Country with Major Global Oil Reserves – USA

Crude oil production in the USA peaked in 1988 but declined until 2008. Currently, it has 68.800 Billion Barrels of reserves. The five states of the USA which are responsible for major crude oil production are Texas, North Dakota, New Mexico, Oklahoma and Colorado.

Tenth largest Country with Major Global Oil Reserves – Libya

Libya has 48.363 Billion Barrels. It has the largest oil reserve in Africa despite having many years of political instability. The economy of Libya is dependent on oil and gas exports. The majority of the coalfields are located in. El Feel fields but many areas are still unexplored.

Recent Developments in Major Global Oil Reserves

Few of the recent developments in global oil reserves are stated below:

• Recently, Reliance Industries, Indian Oil Corp and HPCL-Mittal Energy have all secured cargoes of Venezuelan oil in December 2023. India resumed oil imports from Venezuela after 3 years because US sanctions on Caracas eased.
• India is considering the reinstatement of crude oil shipments from Iran.
• UAE- India oil payment was done in INR for the first time in December 2023.

Conclusion – Top 10 Countries with Major Global Oil Reserves

The top 10 countries with major oil reserves are the drivers of economic prosperity and geopolitical influence. These resources shape global dynamics and the countries which possess them have major influence. Countries like Saudi Arabia have most influence and are also part of the OPEC.

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FAQs on the Top 10 Countries with Major Global Oil Reserves

Which countries have the biggest Oil Reserves in the top 10?

The top 10 countries with major global oil reserves are Venezuela, Saudi Arabia, Canada, Iran, Iraq, Russia, UAE, Kuwait, USA and Libya.

Which country has the highest Oil Reserves in 2023?

Venezuela has the highest oil reserves in 2023. It tops the list with the largest oil reserves worldwide. Venezuela has 303.806 Billion Barrels.

What are the 3 Largest Oil Reserves?

The three largest oil reserves are Venezuela, Saudi Arabia and Canada. Venezuela has an oil reserve of 303.806 Billion Barrels, Saudi Arabia has an oil reserve of 258.600 Billion Barrels and Canada has oil reserves of 170.300 Billion.

What is the Largest Oil Field in history?

The largest oil field in history is the Ghawar oil field. It is located in Saudi Arabia.

What country has the Largest Oil Reserves in OPEC and is leading in OPEC?

Saudi Arabia holds the largest oil reserves. It has an oil reserve of 258.600 Billion Barrels and the largest oil field in the world is the Ghawar oil field which is located in Saudi Arabia.