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By Dorothy Neufeld | Graphics/Design by Sabrina Lam
Visualizing the Countries With the Largest Proven Oil Reserves
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Key Takeaways
- With 303 billion barrels in proven oil reserves, Venezuela leads globally.
- Saudi Aramco pumps roughly 11 million barrels of oil per day, equal to about 10% of the global total, thanks to the country’s vast oil reserves.
- In May, Iran’s exports of crude oil totaled 1.8 million per day. Overall, a third of the world’s oil is produced in the Gulf region.
Today, the world’s top 10 countries hold 1.5 trillion barrels in proven oil reserves.
While Venezuela tops the list, hyperinflation and U.S. sanctions on the Maduro regime are devastating its economy. Overall, nearly 14% of global oil production is sanctioned—primarily across OPEC+ nations.
This graphic shows the countries with the largest proven oil reserves, based on data from the Oil & Gas Journal via the EIA.
The World’s Proven Oil Reserve Giants
Here are the top 10 countries with the most oil in the ground as of December 2023:
Venezuela leads the world in proven oil reserves, spurred by a major oil discovery in the 1920s.
In 2024, oil exports funded 58% of the government’s budget, but production has sunk dramatically. Not only that, the country is facing one of the worst economic contractions in modern history. Since 2013, GDP per capita has collapsed by 68%.
By contrast, Saudi Arabia pumped over 11 million barrels of crude oil per day in 2023, second only to America. With some of the lowest production costs globally, Saudi Arabia is estimated to break even at oil prices of $35 per barrel.
Ranking in third is Iran, with 209 billion barrels in oil reserves, followed by Canada at 163 billion.
Middle East Tensions
While oil prices surged after Israel’s attack on Iran, they dropped sharply following Iran’s retaliatory strike on U.S. military bases.
Importantly, oil prices calmed since it avoided disrupting energy flows. However, if Iran were to close the Strait of Hormuz—a chokepoint for a fifth of global oil traffic—prices could soar. Many oil executives view such a move as unlikely. Shutting down the Strait would eliminate one of Iran’s most powerful bargaining chips—and once used, it can’t be leveraged again.
Learn More on the Voronoi App
To learn more about this topic from a revenue perspective, check out this graphic on the countries that depend the most on fuel imports.
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