Key figures from the graphic
- Venezuela has the largest proven oil reserves, at 304,000 million barrels, or about 304 billion.
- Saudi Arabia (267,000) and Iran (209,000) are second and third, followed by Canada and Iraq.
- The United States is ninth with 74,000 million barrels, just behind Russia (80,000) and ahead of Libya (50,000).
- The ten countries hold 1,514,000 million barrels between them, about 88% of the world total of 1,720,000 million barrels in the EIA figures (our arithmetic) [1].
- The graphic cites the U.S. Energy Information Administration (2023).
Largest oil reserves by country in text
The graphic shows each country as a row of ten oil drops, filled in proportion to its reserves, with Venezuela’s row full. The figures below are as printed. The last two columns are our own conversion and arithmetic.
| Rank | Country | Proven reserves, millions of barrels (graphic) | Billions of barrels (our conversion) | Share of world total (our arithmetic) |
|---|---|---|---|---|
| 1 | Venezuela | 304,000 | 304 | 17.7% |
| 2 | Saudi Arabia | 267,000 | 267 | 15.5% |
| 3 | Iran | 209,000 | 209 | 12.2% |
| 4 | Canada | 170,000 | 170 | 9.9% |
| 5 | Iraq | 145,000 | 145 | 8.4% |
| 6 | UAE | 113,000 | 113 | 6.6% |
| 7 | Kuwait | 102,000 | 102 | 5.9% |
| 8 | Russia | 80,000 | 80 | 4.7% |
| 9 | USA | 74,000 | 74 | 4.3% |
| 10 | Libya | 50,000 | 50 | 2.9% |
| Top 10 total | 1,514,000 | 1,514 | 88% |
What proven oil reserves mean
The EIA defines proved reserves as quantities that analysis of geologic and engineering data shows, with reasonable certainty, can be recovered under existing economic and operating conditions [2]. They are not the total amount of oil in the ground.
That definition explains some of the ranking. Because reserves depend on what is economic to extract, a country’s figure can jump when a known deposit becomes worth developing. Canada’s proven reserves rose suddenly in 2003 when the Alberta oil sands were judged economically viable, and Venezuela’s jumped in the late 2000s when the heavy oil of the Orinoco Belt was judged economic [1].
Reserves are not production
A large reserve does not mean a large output. In the same Wikipedia table, the United States produced about 13,586 thousand barrels a day in 2025, more than any country on this graphic, while Venezuela produced 968 thousand [1]. At those rates the table gives the US about 9 years of production in reserve and Venezuela about 858 [1].
Notes on this infographic
- Units. The figures are in millions of barrels, so 304,000 means 304 billion barrels.
- Russia. Nine of the ten figures match the EIA column of the Wikipedia table exactly. For Russia that column gives 58,000 million barrels. The graphic’s 80,000 matches the OPEC column instead [1]. We could not open the EIA data browser to settle this, so treat Russia’s figure with care.
- Canada. Sources disagree most on Canada because some leave out the oil sands. OPEC’s column gives Canada 4,344 million barrels, against 170,000 from the EIA [1].
- Disputed data. Wikipedia notes that reserve figures from OPEC, the CIA World Factbook and oil companies differ, partly because of the types of oil included [1].
- The rank numbers are not printed. They follow the order of the rows.
Questions about oil reserves
Which country has the largest oil reserves?
Venezuela, with 304,000 million barrels of proven reserves on this graphic, followed by Saudi Arabia with 267,000. The EIA, OPEC, BP and Eni figures in Wikipedia’s table all put Venezuela at about 303,000 to 304,000 million barrels [1].
What are Venezuela’s oil reserves?
About 304 billion barrels, according to the EIA figure on this graphic. That is roughly 17.7% of the world total of 1,720,000 million barrels (our arithmetic) [1].
What share of the world's oil reserves do the top 10 countries hold?
The top 10 countries hold 1,514,000 million barrels of proven reserves between them, about 88% of the world total of 1,720,000 million barrels in the EIA figures (our arithmetic) [1]. Venezuela alone holds about 17.7% of the world total and Saudi Arabia 15.5%. Libya, in tenth place with 50,000 million barrels, holds about 2.9%.
Do the countries with the most oil reserves produce the most oil?
No, a large reserve does not mean a large output. The United States produced about 13,586 thousand barrels a day in 2025, more than any country on the graphic, while Venezuela, which has the largest reserves, produced 968 thousand [1]. At those rates the US has about 9 years of production in reserve and Venezuela about 858 [1].
Sources
- Wikipedia, List of countries by proven oil reserves (table of EIA, OPEC, BP and Eni estimates).
- U.S. Energy Information Administration, Glossary, proved energy reserves.
Last reviewed 29 October 2026
