Iran Ranks Among Top Oil Reserve Holders as OPEC Reveals Latest Data

TEMPO.CO, Jakarta -  Iran has launched strikes on key Israeli cities in retaliation for Tel Aviv's air attacks on several nuclear facilities in Persia. In response, Israel has targeted multiple oil and natural gas facilities in Iran.

The conflict, which began on Friday, June 13, 2025, has sparked fears of a potential world war and added pressure to global crude oil prices. In light of these developments, which countries hold the largest reserves of crude oil?

Top Countries with the Largest Crude Oil Reserves

Based on the 58th Annual Statistical Bulletin released in 2023 by the Organization of the Petroleum Exporting Countries (OPEC), the total global crude oil reserves in 2022 reached 1,564,441 million barrels, or approximately 1.56 trillion barrels. This number does not include oil sands.

Venezuela tops the list with the largest crude oil reserves, holding 303,221 million barrels, or 303 billion barrels. Saudi Arabia follows in second place with reserves totaling 267,192 million barrels, or 267 billion barrels.

Iran is ranked third, possessing 208,600 million barrels, or 208 billion barrels. Iraq takes fourth place with 145,019 million barrels, or 145 billion barrels, followed by the United Arab Emirates (UAE) with 113,000 million barrels, or 113 billion barrels.

Here is the list of the top 10 countries with the largest crude oil reserves according to OPEC:

1. Venezuela: 303,221 million barrels or 303 billion barrels.

2. Saudi Arabia: 267,192 million barrels or 267 billion barrels.

3. Iran: 208,600 million barrels or 206 billion barrels.

4. Iraq: 145,019 million barrels or 145 billion barrels.

5. UAE: 113,000 million barrels or 113 billion barrels.

6. Kuwait: 101,500 million barrels or 101 billion barrels.

7. Russia: 80,000 million barrels or 80 billion barrels.

8. United States: 55,251 million barrels or 55 billion barrels.

9. Libya: 48,363 million barrels or 48 billion barrels.

10. Nigeria: 36,967 million barrels or 36 billion barrels.

World Oil Prices Predicted to Rise

Economist Institute for Development of Economic and Finance (Indef) Eko Listiyanto said that world oil prices will rise if the Iran-Israel war continues.

"If this war drags on, the trend of world oil prices will certainly rise, because around 20 percent of global oil consumption is distributed through the Strait of Hormuz. For global trade, it will further complicate the distribution of goods and prices will rise, global inflation could increase," said Eko in Jakarta, Monday, June 23, 2025, as quoted from Antara.

The Strait of Hormuz is one of the most important shipping lanes for global oil supply.

It is known that on Sunday, June 22, 2025, the Islamic Republic of Iran's Parliament approved a proposal to close the Strait of Hormuz for all shipping activities, following the U.S. attacks on Iran's nuclear facilities in Fordow, Natanz, and Isfahan, on Saturday, June 21, 2025.

The final decision regarding this matter will be determined by the National Security Council.

Zulkifli Ramadhani, Linda Lestari, Sita Planasari, and Achmad Ghiffary Mannan contributed to the writing of this article.

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