The U.S. Energy Information Administration (EIA) says Venezuela has the most oil in the world. They have over 300 billion barrels of proven oil¹². But, it’s hard for Venezuela to use this oil because of political issues, economic problems, and U.S. sanctions. Because of this, they’ve made less oil in the last few years, making about 600,000 to 700,000 barrels a day in 2022.

Biggest Oil Reserve in The World 2023

Key Takeaways

• Venezuela has the world’s largest proven oil reserves, estimated at over 300 billion barrels.
• Venezuela’s oil production has declined significantly in recent years due to political, economic, and sanctions-related challenges.
• Saudi Arabia has the second-largest oil reserves, with over 266 billion barrels.
• Canada, Iran, and Iraq are also among the countries with the largest oil reserves globally.
• The United States, despite being a major oil producer, ranks only ninth in terms of total available oil reserves.

Venezuela: The Country with the World’s Largest Oil Reserves

Venezuela has the biggest oil reserves in the world, over 300 billion barrels³⁴. This huge resource could greatly improve the country’s economy. But, the oil industry in Venezuela faces big challenges that stop it from using this asset well.

Proven Reserves and Production Struggles

By 2015, Venezuela had about 300.9 billion barrels of confirmed oil reserves⁴. This was even more than Saudi Arabia’s reserves in 2009⁴. But, oil production fell from over 3 million barrels a day in the early 2000s to 600,000-700,000 bpd in 2022³. This big drop is mainly because of lack of investment, poor management, and U.S. sanctions.

Economic and Political Challenges

Venezuela’s economic and political issues have hurt its oil industry. The first oil price drop in the 2000s hurt the economy, and U.S. sanctions made things worse⁴. In 2022, Venezuela only exported about 600,000 bpd of oil, much less than before³. Corruption, poor management, and power fights have also hurt the oil industry.

Even with a lot of oil, Venezuela can’t turn it into wealth and stability. Political and economic problems have made it hard to use its huge oil reserves. This leaves the Venezuelan people facing big challenges.

Saudi Arabia: The Second-Largest Oil Reserve

Saudi Arabia is the world’s second-largest oil producer and the biggest member of OPEC. It has an oil reserve of about 268 billion barrels. This is over 50 years of oil at current rates⁵. These reserves make up more than one-fifth of the world’s conventional oil reserves⁵. The kingdom’s oil production has grown from 11 million barrels a day in 2008 to 12.5 million barrels a day by 2009⁵.

Proven Reserves and Production Capacity

Saudi Arabia’s oil reserves have been closely watched. In 2019, an independent check found the country’s proved reserves at 270 billion barrels, matching Saudi claims⁵. This is much higher than Venezuela’s 300 billion barrels, mostly heavy crude oil⁵. From 2005 to 2013, Saudi Arabia produced 9.20 million barrels of crude oil and lease condensate a day⁵.

Recently, Aramco produced an average of 13.6 million barrels of hydrocarbons a day in 2022⁶. The company made a net income of SAR 604.0 billion ($161.1 billion) in 2022⁶.

Future Expansion Plans

Saudi Arabia plans to grow its oil production even more. It wants to increase capacity from 12 million barrels a day to 13 million by 2027⁵. This move is part of its strategy to stay a leader in the global oil market and be a key OPEC member.

In 2022, Aramco and TotalEnergies made a deal to invest in a new petrochemical complex in Saudi Arabia⁶. Aramco also set up a $1.5 billion fund for green tech investments⁶. The Jafurah contracts were given out, with plans for $68 billion in spending over 10 years⁶.

“Saudi Arabia’s proven oil reserves have been the subject of ongoing scrutiny and analysis, with recent independent evaluations confirming the country’s massive reserves.”

Iran: A Major Oil Reserve Facing Sanctions

Iran has some of the biggest oil reserves in the world, with the fourth-largest at 157 billion barrels⁷. But, the U.S. sanctions in 2018 hit the oil industry hard. Now, Iran exports less than 760,000 barrels a day, as per OPEC data⁷.

Even with sanctions, Iran has slowly upped its oil exports, reaching over 1.13 million bpd in late 2022⁸. They plan to increase oil production by about 450,000 b/d through domestic efforts since 2019⁸.

The sanctions have really hurt Iran’s oil and gas sector, leading to less investment. What was once about $18 billion in the 1990s dropped to $3 billion by 2017⁷. Yet, Iran remains key in the global energy scene with its huge reserves and big production goals.

Sanctions have really hit Iran’s oil and gas hard, causing less investment⁷. But, Iran still plays a big role in the global energy world with its vast reserves and plans for more production.

Canada: A Powerhouse of Oil Sands Reserves

Canada leads the world in oil reserves, with about 171 billion barrels of crude oil⁹. Most of these, around 166.3 billion barrels, are in oil sands in Alberta¹⁰. It’s the fourth-biggest oil producer, producing over 5 million barrels daily in 2022, a new record⁹.

Oil Sands Distribution and Production

Alberta’s oil sands hold 1.7 to 2.5 trillion barrels of bitumen, the biggest oil reserve globally¹⁰. Canada’s oil sands are second only to Saudi Arabia in recoverable oil¹⁰. At current rates, Alberta’s oil sands could meet Canada’s energy needs for over 500 years or the world’s for up to 15 years¹⁰. Oil sands make up 39% of Canada’s oil production¹⁰. Production is set to jump from 1.3 million barrels daily to 3 million by 2020¹⁰.

Environmental Concerns and Industry Growth

Despite efforts to reduce the industry’s carbon footprint, Canada’s oil production keeps rising, driven by global demand⁹. Extracting and processing oil sands uses a lot of energy and has a bigger carbon footprint than traditional oil⁹. The government has set policies to lessen the industry’s environmental impact, like carbon pricing and emissions targets⁹. Yet, the industry keeps growing, hitting record levels in 2022 as oil demand stays strong⁹. Finding a balance between the oil industry’s economic benefits and environmental impact is a big challenge for Canada⁹.

Over the next 10 years, over $60 billion will be invested in oil sands development¹⁰. The Alberta Energy and Utilities Board predicts oil sands will be Alberta’s main crude oil source in a decade, replacing conventional crude stocks¹⁰.

“Canada has the potential to become a leading force in energy and resources, contributing to the development of technologies that create high-paying jobs and enhance environmental performance worldwide.”

Iraq: OPEC’s Number-Two Producer with Ambitious Plans

Iraq is a big name in the oil world, with huge oil reserves, ranking fifth globally with 145 billion barrels¹¹. It also has about 215 billion barrels of undiscovered oil, says the Oil Ministry¹¹. Iraq’s total recoverable oil and gas liquids are estimated at 246 billion barrels by the IEA¹¹.

Right now, Iraq produces around 4.5 million barrels of oil daily, with 3.4 million going to other countries¹¹. The oil committee in Iraq wants to boost production to over 5 million barrels a day. They aim for as much as 13 million barrels a day in the future¹¹. Experts think Iraq could hit 6.3 million barrels a day in five years with the right investments¹¹.

Proven Reserves and Current Production

Iraq has 143 billion barrels of proven oil, which is 18% of the Middle East’s and nearly 9% of the world’s reserves¹². From 2011 to 2015, Iraq’s oil production jumped from 2.6 million to almost 4.1 million barrels a day¹².

But, Iraq’s oil sector has faced big challenges. Political issues, infrastructure problems, and the fight against ISIL have slowed it down. Iraq lost over $14 billion from 2011 to 2014 due to payments to oil companies¹¹. Big Western oil companies are also hesitant to invest because of corruption and unstable rules¹¹.

Despite these challenges, Iraq is still a key player in the oil market. With its big reserves and plans to increase production, it could greatly affect OPEC and the world’s energy scene¹¹¹².

Kuwait: A Small Nation with Big Oil Ambitions

Kuwait is a small country but a big name in oil. It has about 101.5 billion barrels of oil under its ground¹³. This makes it a key player in the world’s energy market. The country pumps out 2.6 million barrels of oil every day. It sends about 2.3 million barrels to other countries¹³. Kuwait has big dreams for its oil wealth.

Proven Reserves and Export Figures

Kuwait sits on 102 billion barrels of proven oil, which is about 6 percent of the world’s oil¹⁴. It also has 5 billion barrels in the Neutral Zone with Saudi Arabia, making a total of 104 billion barrels¹⁴. In 2012, Kuwait produced around 2.8 million barrels of oil daily¹⁴.

That year, Kuwait made about $75 billion from oil exports, which was half of its total economy and 70 percent of its exports¹⁴. By 2030, Kuwait plans to increase its oil production to 4 million barrels a day¹³. This shows Kuwait’s belief in the future of oil.

“Kuwait, a small OPEC nation, has proven oil reserves of around 101.5 billion barrels, making it a significant player in the global energy landscape.”

United Arab Emirates: Oil Wealth Fueling Diversification

The United Arab Emirates (UAE) is OPEC’s third-largest oil producer. It has 111 billion barrels of crude oil reserves¹⁵ and produces 2.9 million barrels of oil daily¹⁵. Despite oil and gas making up only 30 percent of its economy¹⁶, the UAE is diversifying its economy thanks to its oil wealth.

Proven Reserves and Production Levels

The UAE has huge oil and gas reserves, including 290 trillion cubic feet of proven natural gas¹⁵. ADNOC aims to increase production to 5 million barrels per day by 2030¹⁷, up from 3.2 million now¹⁷. ADNOC is investing in upgrading its operations and expanding refining and petrochemicals as part of its 2030 Strategy¹⁷.

Diversifying the Economy

The UAE is moving beyond oil and gas to grow its economy. It’s becoming a top spot for luxury travel and entertainment¹⁶. The country plans to have 14GW of clean power by 2030, using nuclear and renewable energy¹⁶. It also aims to cut its carbon intensity by 25% in the next decade¹⁶.

The UAE is also investing in new technologies to become a high-tech hub. It’s working on a Hydrogen Leadership Roadmap to be a top hydrogen exporter¹⁶. The Abu Dhabi Hydrogen Alliance is focusing on green and blue hydrogen in new markets¹⁶.

The UAE is also focusing on reducing its environmental impact. It plans to plant 100 million mangroves by 2030¹⁶. It has built a carbon capture facility that captures 800,000 tons of carbon dioxide, with plans to expand it six-fold by 2030¹⁶. The UAE is the only oil company to get all its grid electricity from zero-carbon sources¹⁶.

The UAE is working hard to diversify its economy and lessen its environmental impact. It’s using its oil wealth to invest in renewable energy, new technologies, and green projects. This makes the UAE a leader in moving to a sustainable future.

Russia: A Major Oil Producer and Exporter

Russia is a key player in the oil world, with huge reserves and production. It has about 80 billion barrels of proven crude oil¹⁸. Before the Ukraine invasion and Western sanctions, Russia produced over 11 million barrels of oil daily, including condensates¹⁸.

After the sanctions, Russia cut its production to around 9.4 million barrels per day, not counting condensates¹⁸. Still, it’s a big oil producer and exporter. By the end of 2022, its oil and fuel exports were back to pre-war levels¹⁸.

Proven Reserves and Production Cuts

Russia’s oil production and exports are vital to the global energy market. In 2022, it made up 9.14% of the world’s oil exports, worth $133 billion¹⁹. It produced 10.13 million barrels daily, which is 10% of the world’s oil¹⁹. Even with cuts, Russia’s oil industry is still a big deal worldwide.

The sanctions led to big changes in Russia’s oil exports. But, it’s still a big supplier. About 60% of its oil goes to OECD Europe, and 20% to China¹⁸. It also sends oil and products to Belarus, Romania, Bulgaria, and other FSU countries¹⁸.

“Even with these production cuts, Russia remains a major oil producer and exporter, with its crude and fuel exports returning to pre-war levels by the end of 2022.”

The United States: Shale Oil Reshaping the Landscape

The United States has become a key player in the global energy scene. This is thanks to a big increase in shale oil production²⁰. Now, tight oil makes up 36% of the country’s crude oil production²⁰. This has changed the energy picture in the U.S. and cut down on oil imports from other countries²⁰. The oil and gas sector added 169,000 jobs between 2010 and 2012²⁰. This shows how important this energy boom is for the economy.

Proven Reserves and Shale Oil Production

The U.S. has huge oil reserves, estimated at 48.3 billion barrels²⁰. But shale oil has really changed the game. The country now leads in dry natural gas production, with 40% coming from shale²⁰. Three major shale areas in the U.S. produce over 70% of all oil²⁰. This shale oil boom has made the U.S. the biggest crude oil producer in the world²¹, expected to beat Saudi Arabia and Russia by 2017²¹.

This energy shift is big news. The U.S. is expected to spend less on oil imports, from $335 billion in 2008 to $160 billion in 2020²¹. This move towards energy self-sufficiency is a big deal. Also, the U.S. is now importing less oil, with imports making up just 27% of its oil use, the lowest since 1985²⁰.

The shale oil boom has big economic effects too. The oil and gas industry added 1.6% to the U.S. GDP in 2011²⁰. As the U.S. keeps increasing shale oil production, it’s set to start exporting energy by 2030²¹. This will make the U.S. even more important in the global energy scene.

The U.S. becoming a big oil and gas producer has also changed the world stage. China is expected to take over as the top oil importer in 2017²¹. The U.S. will start exporting liquefied natural gas (LNG) to Europe and Asia soon²¹. This change shows the U.S. is gaining more power in the global energy market.

“The United States has become the top oil and gas producer in the world due to the shale revolution²². US energy policies have shifted from scarcity to abundance due to increased energy production.”²²

As the U.S. keeps using its shale oil reserves, its energy independence and global influence will grow. This will change the global energy scene for the future.

biggest reserve of oil in the world

Venezuela is now the top country with the biggest oil reserve globally. It has about 303.22 billion barrels of proven oil, the most in the world²³. This makes Venezuela a key player in the global oil market, with a big impact on energy supplies.

But, Venezuela’s oil riches haven’t made the country wealthy. Political issues, economic troubles, and U.S. sanctions have hit its oil production and exports hard²⁴. This has let countries like Saudi Arabia, Iran, Canada, and Iraq take a bigger role in the oil market.

Venezuela has the biggest oil reserve, but how well it can use it matters a lot²⁴. Even with the most reserves, Venezuela faces big challenges. This lets other major oil producers lead in the global energy market.

The world is still figuring out the complex energy landscape. Countries with the biggest oil reserves will keep being watched closely by policymakers, investors, and energy users²⁴.

Conclusion

A few countries hold most of the global oil reserves, like Venezuela, Saudi Arabia, Iran, Canada, and Iraq²⁵. These countries face big challenges that affect how much oil they can use²⁵. The demand for oil is still high, but the oil industry‘s future will change with renewable energy, new fuel sources, and environmental concerns²⁵.

The countries with the most oil will be key in the global energy scene²⁵. By 2026, we expect oil demand to hit 105 million barrels a day²⁵. Until 2032, demand will stay above 100 million bpd²⁵. These countries will be crucial in meeting the world’s energy needs.

The shift to renewable energy and electric vehicles will change the future of oil production²⁵. As the world looks to reduce oil’s environmental impact, these leading oil producers must adapt and diversify²⁵. They need to stay relevant in the changing energy world.

Source Links

1. Oil Reserves by Country – Worldometer – https://www.worldometers.info/oil/oil-reserves-by-country/
2. Top 10 Countries With Largest Oil Reserves In World – https://bestdiplomats.org/largest-oil-reserves-by-country/
3. Top 10 Countries With Largest Oil Reserves | OilPrice.com – https://oilprice.com/Energy/Crude-Oil/Top-10-Countries-With-Largest-Oil-Reserves.html
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5. Oil reserves in Saudi Arabia – https://en.wikipedia.org/wiki/Oil_reserves_in_Saudi_Arabia
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8. Charts, Graphs, and Maps – https://www.eia.gov/international/content/analysis/countries_long/Iran/pdf/iran_exe.pdf
9. Portrait of an energy powerhouse: Canada – https://policyoptions.irpp.org/fr/magazines/from-climate-change-to-clean-energy/portrait-of-an-energy-powerhouse-canada/
10. PDF – https://open.alberta.ca/dataset/d5a7fec7-6e37-431c-9f33-eb98510c65e4/resource/eb20740d-d1bc-4e60-b441-99f6c84998d8/download/2016-oil-sands-discovery-centre-osdc-facts-about-albertas-oil-sands-and-its-industry.pdf
11. Iraq Takes First Step Towards Becoming The World’s Biggest Oil Producer  | OilPrice.com – https://oilprice.com/Energy/Crude-Oil/Iraq-Takes-First-Step-Towards-Becoming-The-Worlds-Biggest-Oil-Producer.html
12. Iraq Energy Profile: OPEC’s Second-Largest Crude Oil Producer – Analysis – https://www.eurasiareview.com/28042016-iraq-energy-profile-opecs-second-largest-crude-oil-producer-analysis/
13. 15 Countries with the Largest Proven Oil Reserves in the World – https://finance.yahoo.com/news/15-countries-largest-proven-oil-154856233.html
14. PDF – https://www.europarl.europa.eu/meetdocs/2009_2014/documents/darp/dv/darp20140213_11_/darp20140213_11_en.pdf
15. No title found – https://www.eia.gov/international/content/analysis/countries_long/United_Arab_Emirates/
16. UAE Energy Diversification | UAE Embassy in Washington, DC – https://www.uae-embassy.org/discover-uae/climate-and-energy/uae-energy-diversification
17. United Arab Emirates – Oil and Gas – https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas
18. Oil Market and Russian Supply – Russian supplies to global energy markets – Analysis – IEA – https://www.iea.org/reports/russian-supplies-to-global-energy-markets/oil-market-and-russian-supply-2
19. The World’s 10 Biggest Oil Exporters – https://www.investopedia.com/articles/company-insights/082316/worlds-top-10-oil-exporters.asp
20. The U.S. Shale Revolution – The Strauss Center – https://www.strausscenter.org/energy-and-security-project/the-u-s-shale-revolution/
21. Shale gas, oil reshape world energy landscape – https://phys.org/news/2013-09-shale-gas-oil-reshape-world.html
22. The US shale revolution has reshaped the energy landscape at home and abroad, according to latest IEA policy review – News – IEA – https://www.iea.org/news/the-us-shale-revolution-has-reshaped-the-energy-landscape-at-home-and-abroad-according-to-latest-iea-policy-review
23. The World’s Largest Oil Reserves by Country In 2024 – https://www.worldatlas.com/industries/the-world-s-largest-oil-reserves-by-country.html
24. Oil Reserves by Country 2024 – https://worldpopulationreview.com/country-rankings/oil-reserves-by-country
25. Recoverable oil reserves top 1,600 billion barrels – https://www.rystadenergy.com/news/recoverable-oil-reserves-billion-barrels-warming-planet