9 Countries With The Most Oil

Where are the most oil reserves in the world? Who owns them? Find out!

The US Energy Information Administration released, December 2023, a list of the countries with the largest proven crude oil reserves, measured in billions of barrels:

1. Venezuela

The South American country, very much in the news this week, reigns supreme when it comes to global oil wealth, boasting the largest proven reserves on the planet -- over five times greater than those of the United States.

As of 2023, its underground treasure is an estimated staggering 303 billion barrels.

2. Saudi Arabia

Saudi Arabia has access to over 267 billion barrels of oil, making it the next heavyweight in the global energy arena.

Unlike many of its rivals, the kingdom's reserves lie near the surface and are predominantly on land, allowing for easy reach and far cheaper extraction. This strategic advantage has turned Saudi Arabia's oil industry into one of the most lucrative in the world.

3. Iran

Iran ranks third globally, with proven oil reserves of around 209 billion barrels, a testament to its vast, oil-rich terrain.

While international sanctions have curbed its export capabilities, the country's energy wealth remains undeniable.

4. Iraq

Iraq is also a key player in the Organization of the Petroleum Exporting Countries, boasting over 201 billion barrels of proven oil reserves, a sharp rise from earlier estimates of 153 billion barrels.

The bulk of these reserves lie in the south, close to Kuwait and the Persian Gulf, encompassing the colossal Rumaila and West Qurna fields, two of the nation's most prolific oil regions, according to Energy, Oil and Gas Magazine.

5. Canada

The nation's confirmed oil reserves stand at approximately 170 billion barrels, 97 per cent of them in Alberta.

Canada's oil accounts for nearly 13 per cent of the world's entire oil bounty.

6. United Arab Emirates

The UAE secures the sixth spot worldwide for proven crude oil reserves, estimated at 113 billion barrels.

Most of this black gold lies (about 94 per cent) beneath the sands of Abu Dhabi.

7. Kuwait

Though modest in size, Kuwait boasts a prosperous and relatively open economy, underpinned by crude oil reserves of around 102 billion barrels, over 6 per cent of the globe's total supply.

8. Russia

By early 2024, the nation ranked as the world's third-largest oil producer, churning out roughly 10.8 million barrels each day, supported by proven reserves. mostly in the West Siberian Basin, of some 80 billion barrels, according to EBSCO.

9. USA

The United States has 74 billion barrels of proven oil reserves -- mainly in Alaska and the Bakken Formation (Montana, North Dakota) -- securing its place among the world's leading energy powers.