TEMPO.CO, Jakarta - Despite the accelerating push toward renewable energy, crude oil remains a cornerstone of the global economy, with a full transition still years away. Against this backdrop, countries with the largest oil reserves continue to wield outsized influence over global trade flows, shaping everything from transportation and manufacturing to energy pricing.
Beyond economics, these resource-rich nations also play a pivotal role in geopolitics, where oil remains deeply intertwined with national security and strategic power.
To explore how these energy giants compare, read on for a detailed breakdown of the countries with the largest oil reserves in the world below, with insights from Visual Capitalist, World Atlas, and Energy Oil Gas Magazine.
10 Countries with the Largest Oil Reserves
1. Venezuela – 303,221 billion barrels
Venezuela holds the world's largest proven oil reserves, as recognized globally by OPEC’s Annual Statistical Bulletin. Despite its vast resource base, the country has struggled to reach full operational capacity due to long-standing U.S. sanctions. However, the energy outlook is shifting in early 2026 following President Donald Trump’s announcement of a new "Oil Deal" to revive Venezuelan production through American investment.
2. Saudi Arabia – 267,200 billion barrels
As the second-largest oil reserves holder, Saudi Arabia maintains output flexibility through the OPEC+ framework. Most reserves are concentrated in the Eastern Province, home to the vast Ghawar Field, the world’s largest onshore oil field. Beyond extraction, Saudi Arabia exerts immense influence by steering global oil price stability.
3. Iran – 208,600 billion barrels
Accounting for roughly 12% of global reserves, Iran remains a central figure in the energy market. The sector is overseen by the National Iranian Oil Company, which maintains tight control over production. However, persistent geopolitical tensions and sanctions have historically constrained its capacity to fully capitalize on its vast underground wealth.
4. Canada – 163,000 billion barrels
Canada’s place among the countries with the largest oil reserves is underpinned by its estimated 171 billion barrels of proven crude. Roughly 97% of these resources are concentrated in Alberta’s oil sands, specifically the Athabasca, Peace River, and Cold Lake regions.
Even as environmental concerns influence policy and investment decisions, continued technological innovation and deep export ties, specifically with the United States, have helped preserve Canada’s status as a leading global petroleum producer.
5. Iraq – 145,019 billion barrels
Iraq holds the world’s fifth-largest proven oil reserves, estimated at over 145 billion barrels. Most of these reserves are located in the southern region, including major fields such as Rumaila and West Qurna. Despite ongoing political and infrastructure challenges, oil remains the backbone of Iraq’s economy, with efforts underway to attract foreign investment and boost production.
6. United Arab Emirates – 113,000 billion barrels
The United Arab Emirates boldly stands as one of the countries with the largest oil reserves, estimated at 113 billion barrels. These reserves are largely concentrated in Abu Dhabi and overseen by the Abu Dhabi National Oil Company, which has focused on operational efficiency and expanding long-term production capacity.
7. Kuwait – 101,500 billion barrels
Since the discovery of oil in 1938, Kuwait has maintained a steady presence in the global energy market, with hydrocarbons reshaping the nation’s economic foundation. This standing is anchored by the Burgan Field, the world’s second-largest conventional oil field. Although aging assets have begun to slow production growth, continued government investment remains focused on revitalizing output and sustaining Kuwait’s competitiveness.
8. Russia – 80,000 billion barrels
Russia remains one of the world’s largest holders of oil reserves, though its role in global energy markets has shifted sharply since the outbreak of the Russia–Ukraine war in 2022.
Once a primary supplier to Europe, the country has been largely shut out of that market by sweeping sanctions, forcing a pivot toward alternative buyers. Much of Russia’s oil lies in the remote expanses of Siberia, where vast and still underexplored fields suggest significant untapped reserves remain.
9. Libya – 48,363 billion barrels
Libya emerged as an oil producer relatively late, with major discoveries in the late 1950s and early 1960s. Early revenues fueled public investment in infrastructure, education, and healthcare, marking a period of rapid development. While years of political instability and conflict have eroded many of these gains, Libya’s oil sector has begun a gradual recovery.
10. United States – 45,014 billion barrels
With output rebounding strongly between 2006 and 2023 after decades of decline that began in the 1980s, the United States remains a major force among the countries with the largest oil reserves. While overall reserves are comparatively modest, unmatched refining capacity has kept the US at the forefront of the global oil market, with Mexico and China among its largest export destinations.
These countries with the largest oil reserves underscore how energy resources continue to shape economic influence, geopolitical leverage, and long-term strategic planning. For a broader look at how natural resources define global power, read next about the countries with the biggest gold reserves and how they compare on the world stage.
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