Which Country Has the Largest Oil Reserves
Venezuela holds the largest proven oil reserves in the world, with an estimated 300 billion barrels. Most of this volume is located in the Orinoco Belt, a heavy crude deposit in the country's eastern region.
Top Oil Reserves by Country
Saudi Arabia ranks second with roughly 270 billion barrels, followed by Canada with about 170 billion barrels, mostly in oil sands. Iran, Iraq, and the United Arab Emirates also hold significant proven reserves, according to BP Statistical Review of World Energy.
Why Reserves Data Can Change
Proven reserves depend on current technology, economic conditions, and geological surveys. New discoveries, revised estimates, and improved extraction methods can shift a country's ranking over time.
What Reserves Tell Us
Reserves indicate how much crude can be recovered profitably with existing technology. They do not measure total oil in the ground or future production capacity. For updated data, consult the U.S. Energy Information Administration at EIA.
