Countries with the Largest Proven Oil Reserves 2024

About This Dataset

Countries ranked by proven crude oil reserves in 2024, measured in billions of barrels according to OPEC Annual Statistical Bulletin and EIA data. Venezuela holds the world's largest proven oil reserves, overtaking Saudi Arabia in 2010 — though much of its reserves are heavy crude that is expensive to extract.

✨ AI Insight

Venezuela's dominance in proven oil reserves at 303 billion barrels starkly contrasts with Saudi Arabia's 267 billion barrels, indicating a substantial lead. However, the extraction challenges posed by Venezuela's heavy crude oil could hinder its ability to capitalize on these reserves effectively. Canada, with 168 billion barrels, showcases a robust position as well, while Iran and Iraq, holding 155 and 145 billion barrels respectively, reflect the geopolitical complexities of oil production in the Middle East. The gap between the top two countries and others suggests a concentration of resources, but the extraction viability remains a crucial factor in determining future production capabilities.

Source: OPEC

Key Findings

Auto-computed highlights from this dataset

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Venezuela leads with 303 in 2024.

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Average value in 2024: 165 · median: 150.

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Gap in 2024: Venezuela is 3.8× larger than Russia.