Venezuela possesses the largest oil reserves on Earth.
95% confidence
EconomySouth America
Omissions
The reserves are predominantly heavy and extra-heavy crude oil, which is more difficult and expensive to extract and refine compared to light crude
Despite having the largest reserves, Venezuela's oil production is significantly lower than countries like the United States, Saudi Arabia, and Russia due to political and economic challenges
Sources
PrimaryOPEC Annual Statistical Bulletin 2025Venezuela holds the world's largest proven crude oil reserves at approximately 303 billion barrels (19.4% of global total) as of end of 2024, ahead of Saudi Arabia
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, followed by Saudi Arabia with the second-largest amount