Marion Maréchal· ECR

Confirmed

Venezuela is among the countries with the largest oil reserves in the world.

Omissions

• The claim understates Venezuela's position - it has the absolute largest reserves, not just 'among the largest'. Venezuela ranks first globally, ahead of Saudi Arabia which has the second-largest reserves.
• The OPEC Annual Statistical Bulletin 2024 data refers to reserves at the end of 2023.

Sources

• PrimaryOPEC Annual Statistical Bulletin 2024Venezuela holds the largest proven crude oil reserves in the world, with approximately 300+ billion barrels, representing about 17-18% of global reserves. OPEC Members' proven crude oil reserves stood at 1,241 billion barrels at the end of 2023.
• PrimaryBP Statistical Review of World Energy 2021Venezuela holds 17.5% of global reserves, the largest share of any country, followed by Saudi Arabia at 17.2%.
• SecondaryWorld Population Review - Oil Reserves by Country 2026Venezuela has the largest amount of oil reserves in the world with more than 300 billion barrels in reserve.
• SecondaryVisual CapitalistVenezuela holds the world's largest proven crude oil reserves. Despite its reserve dominance, Venezuela ranked just 21st in oil production in 2024.