Top 10 countries with largest oil reserves in 2025: Venezuela leads the world, here’s where Middle East, US and India rank

Top 10 countries with the largest oil reserves in 2025: Oil remains a strategically crucial resource for meeting global energy needs, influencing the global economy, geopolitics, and international trade.

Amid its rising demand, it reached a global average of 103.84 mb/d in 2024, up by 1.49 million barrels per day (mb/d) or 1.5 per cent from the previous year, according to the 2025 Annual Statistical Bulletin (60th edition) published in July last year.

The report also highlighted that the world’s proven crude oil reserves stood at approximately 1,566,869 million barrels (mb) at the end of 2024, reflecting a modest increase of 2,340 mb/d, or 0.1 per cent.

Venezuela undoubtedly continues to hold the world’s largest proven crude oil reserves, with 303,221 million barrels, accounting for nearly one-fifth of the global total.

The Middle East dominates global oil reserves, with Saudi Arabia leading at No. 2 globally, producing about 267,200 mb, while Iran follows next at No. 3, with 209 mb.

Other Middle Eastern countries, such as Iraq, the United Arab Emirates, Kuwait, and Qatar, also feature in the list of countries with the largest oil reserves.

 

#1

Venezuela

303,221 mb

Proven Oil Reserves

+213 mb

 

#2

Saudi Arabia

267,200 mb

Proven Oil Reserves

-30 mb

 

#3

Canada

163,440 mb

Proven Oil Reserves

0 mb

 

#4

Iran

208,600 mb

Proven Oil Reserves

0 mb

 

#5

Iraq

145,019 mb

Proven Oil Reserves

0 mb

 

#6

Kuwait

101,500 mb

Proven Oil Reserves

0 mb

 

#7

United Arab Emirates

113,000 mb

Proven Oil Reserves

0 mb

 

#8

Russia

80,000 mb

Proven Oil Reserves

0 mb

 

#9

Libya

48,363 mb

Proven Oil Reserves

0 mb

 

#10

United States

45,014 mb

Proven Oil Reserves

+1,522 mb