According to recent rankings by World Atlas, based on data from the Organization of the Petroleum Exporting Countries, some countries have remarkably large oil reserves. These reserves have significantly transformed some of the world’s poorest nations into major international players over the past century.
10. Libya
Libya ranks last among the top oil-reserve holding countries. Most of its oil reserves were discovered in the 1950s and 60s, significantly impacting the nation’s development. However, political turmoil, chronic corruption, and conflict have hindered Libya from adequately investing in the infrastructure necessary to support its oil reserves. Despite these challenges, Libya’s oil industry continues to grow gradually. The country possesses immense potential, and with the implementation of appropriate policies, it has the opportunity to regain prominence in the global oil market.
9. United States
Despite not having as many oil reserves as top oil-holding nations, the United States is the largest oil-refining country globally. It has the capacity to refine over 12 million barrels of oil daily, surpassing any other nation worldwide. This refining capability is crucial to the US economy as it supports the domestic oil industry and enables the refinement of imported oil. While the US economy is diversified, the oil industry remains a significant contributor, creating millions of jobs across the country.
8. Russia
Russia and the United States are both ranked among the top 10 countries with the largest oil reserves. Moscow continues to utilize its natural resource wealth, including oil and gas, to finance various government endeavors, including military activities in Ukraine. Despite its substantial oil reserves, Russia encounters difficulties in exporting oil due to sanctions imposed by Western nations following the annexation of Crimea. In contrast, the US has seen a shale oil boom in recent years, boosting domestic oil production and lessening its dependence on foreign oil.
7. Kuwait
Kuwait holds the seventh position among countries with the largest oil reserves. Its main oil field, Burgan Field, is the second-largest conventional oilfield globally, with an estimated 70 billion barrels of crude oil. The oil extraction industry is a major contributor to Kuwait’s economy, generating substantial revenue for the national government. However, Kuwait also confronts the challenge of diversifying its economy beyond oil to reduce dependency on the oil sector.
6. United Arab Emirates
The United Arab Emirates (UAE) is another oil-rich nation that relies on its oil resources for economic development. It produces over three million barrels of oil daily and ranks among the top five oil-exporting countries worldwide. With an estimated 113 billion barrels of oil reserves, the UAE holds the sixth position on the list of nations with the largest oil reserves. The country’s significant investments in diversified economic sectors such as tourism and technology, alongside its oil reserves, have contributed to substantial economic growth in recent years.
5. Iraq
Iraq has experienced conflict and instability since the early 2000s, making it difficult to obtain precise estimates of its oil reserves. Despite varying figures from different sources, Iraq is ranked fifth globally in terms of oil reserves, with estimates ranging from 112 billion to 300 billion barrels. Despite its abundant oil resources, Iraq confronts significant challenges related to effective resource management and governance, which can impede investment and economic development.
4. Canada
World Atlas ranks Canada fourth globally in terms of oil reserves due to its extensive oil sands, which are among the largest deposits worldwide. This assessment contrasts with OPEC’s evaluation. While Canada’s oil sands offer substantial potential for oil production, their extraction process is complex and can lead to significant environmental impact, raising sustainability concerns about dependence on this resource.
3. Iran
Iran ranks third globally in terms of oil reserves, estimated at around 208 billion barrels. The country’s economy heavily depends on oil exports, which serve as a crucial income source. Iran supplies significant amounts of fossil fuels to various Asian nations that rely on imported oil. However, despite the financial advantages of oil production, Iran’s authoritarian regime faces criticism for issues such as human rights abuses and lack of transparency in governance.
2. Saudi Arabia
According to available data, Saudi Arabia ranks as the world’s second-largest oil producer, with an average production exceeding 12 million barrels per day in recent years. The country is estimated to possess 267 billion barrels of oil reserves, placing it second on the list of nations with the largest oil reserves globally.
1. Venezuela
Currently, Venezuela holds the largest reserves, estimated at 303 billion barrels of oil. Former leader Hugo Chavez leveraged a surge in oil prices in 2004 to invest billions in public services like healthcare, education, and food subsidies, leading to widespread progress in the country.
While Venezuela’s oil reserves enabled significant progress, they also led to an economic crisis due to overreliance on oil production, causing a deficit when oil prices fell. Nicolas Maduro, who took power in 2013, has used the military and judiciary to consolidate power, resulting in a decline in democracy and an economic catastrophe.
Hyperinflation has left millions in dire conditions, raising concerns about the country’s future. Mismanagement of the state-run oil company, Petróleos de Venezuela (PDVSA), is partly blamed for the inability to capitalize on vast reserves. Experts highlight the country’s lack of basic equipment, supplies, and expertise to extract oil efficiently, exacerbating economic instability.