Based on the latest data on proven oil reserves, Venezuela holds the largest reserves globally, often referred to as having the "richest oil" in terms of quantity.
While "richest oil" can sometimes refer to the quality or ease of extraction of crude oil, the most common interpretation in this context relates to the total volume of proven reserves a country possesses. According to data compiled by Worldometer, derived from sources like OPEC and BP Statistical Review of World Energy:
Top Countries by Proven Oil Reserves
Here are the countries with the largest proven oil reserves:
| # | Country | World Share |
|---|---|---|
| 1 | Venezuela | 18.2% |
| 2 | Saudi Arabia | 16.2% |
| 3 | Canada | 10.4% |
| 4 | Iran | 9.5% |
| 5 | Iraq | 8.4% |
| 6 | Russia | 6.2% |
| 7 | Kuwait | 5.8% |
| 8 | United Arab Emirates | 5.6% |
| 9 | United States | 3.9% |
| 10 | Libya | 2.9% |
Source: Oil Reserves by Country - Worldometer
Venezuela's Lead
Venezuela possesses a significant 18.2% of the world's total proven oil reserves. Much of Venezuela's reserves are located in the Orinoco Belt, consisting of extra-heavy crude oil. While these reserves are vast, their extraction and processing can be more complex and costly compared to lighter crude oil found in other regions.
Other Major Holders
Following Venezuela are Saudi Arabia with 16.2% of the world's reserves and Canada with 10.4%. Canada's substantial reserves are primarily in the form of oil sands, similar in nature to Venezuela's heavy oil. Iran is also a major player, holding 9.5% of the global total.
Understanding proven oil reserves is crucial for assessing a country's long-term potential in the global energy market. These figures represent the estimated quantities of crude oil that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions.
