Venezuela possesses the largest oil reserves on Earth.
95% confidence
EconomySouth America
Omissions
The claim does not specify 'proven' reserves, which is the standard technical term used in official statistics
While Venezuela has the largest reserves, it ranks much lower in actual production (21st globally in 2024) due to infrastructure and economic challenges
Sources
PrimaryOPEC Annual Statistical Bulletin 2024Venezuela holds the world's largest proven crude oil reserves with approximately 303 billion barrels, ahead of Saudi Arabia with approximately 267 billion barrels