Fatshimetrie, in its analysis of the countries with the largest oil reserves in the world, highlights the most recent data provided by OPEC in 2024. These figures reveal the top ten nations that stand out for the magnitude of their oil resources.
Venezuela, with a population of about 33 million, tops the ranking with proven reserves of 303 billion barrels, representing about 17% of global reserves. The country thus plays a leading role on the international oil scene.
In second place is Saudi Arabia, which holds a total of 267 billion barrels of reserves. This country represents about 16.9% of global oil reserves and remains a major player in the oil industry.
Iran ranks third in the ranking, with 208 billion barrels of reserves. This nation, with a population of approximately 85.69 million, plays a significant role in the Middle East region, holding 24% of the Middle East’s oil reserves and 12% globally.
Canada, although not initially included in the OPEC report, nevertheless has one of the largest oil and gas reserves, amounting to approximately 163 billion barrels. The country faces major challenges in accessing and processing its oil resources.
Iraq, despite the conflicts that have marked its recent history, remains a key player in the oil industry. As a founding member of OPEC, the country is estimated to have between 112 and 300 billion barrels of reserves.
In the United Arab Emirates, a nation renowned for its prosperity thanks to its large oil reserves, these amount to approximately 113 billion barrels. The country plays a crucial role in the global energy scene.
Kuwait holds approximately 101 billion barrels of reserves, or about 6% of the world’s reserves. This long-time member of OPEC plays a significant role in the world’s oil supply.
Russia, with approximately 80 billion barrels of reserves, is a major player in the global energy market. Despite recent geopolitical tensions, Russia remains an undisputed power in the oil sector.
The United States, although holding more modest reserves, with approximately 55 billion barrels, remains the world’s largest oil producer, with a daily production of 12 million barrels.
Finally, Libya rounds out the top 10 with its significant oil reserves, helping to shape the global energy landscape.
This overview of the countries with the largest oil reserves highlights the importance of these nations in the global oil industry, while highlighting the challenges and issues they face in a constantly evolving context.