Top 12 Largest Oil Reserves In The World 2024
Oil remains one of the most important natural resources in the modern world. It powers vehicles, planes, ships and generates electricity among other uses. With oil prices fluctuating constantly, countries with large oil reserves wield significant economic and political power globally. In 2024, some things remain constant while a few changes have occurred in the largest oil reserves ranking.
Oil reserves refer to crude oil deposits that are economically feasible to extract. The largest oil reserves are typically found in areas with significant underground pressure and porous rock formations. This allows oil to pool in crevices below the surface. Technological advances in exploration, drilling and extraction allow access to reserves previously too difficult or expensive to tap.
The exact amount of oil reserves per country is a closely guarded state secret in many cases. Published reserve figures are often subject to political motives, may differ substantially from independent reports and are unaudited by impartial organizations. With advanced extraction techniques like hydraulic fracturing, tar sands processing and deep sea drilling coming into widespread use, global oil reserve totals have swelled even as production occurs.
Here are the top 12 countries holding the largest oil reserves going into 2024:
1. Venezuela
- Total Reserves: 300 billion barrels
- Share of Global Reserves: 17.5%
Venezuela holds the world’s largest oil reserves even with production declining under economic turmoil. The country’s primary oil-rich sedimentary basin, the Maracaibo basin, has large conventional crude oil reserves. Additionally, Venezuela’s Orinoco belt contains vast reserves of extra heavy crude oil and bitumen.
Efforts to develop this technically challenging resource have faltered amidst Venezuela’s economic and political instability. But with massive investments required to tap the belt’s oil, Venezuela retains the top position.
2. Saudi Arabia
- Total Reserves: 298 billion barrels
- Share of Global Reserves: 17.2%
Saudi Arabia possesses 18% of the world’s proven petroleum reserves as of 2022. The majority of Saudi oil reserves consists of conventional crude oil in large, onshore pools, allowing extraction at a low cost. Saudi Arabia has steadily expanded reserves over time through further exploration and efficient extraction via advanced techniques.
As a leading member of OPEC, Saudi production levels impact prices worldwide. However, questions remain over how long Saudi Arabia can maintain high production levels to meet global demand.
3. Canada
- Total Reserves: 167 billion barrels
- Share of Global Reserves: 9.7%
Owing to vast unconventional reserves, Canada jumps past Iran and Iraq to take the third spot in 2024. It has the world’s third largest proven oil reserves mostly consisting of oil sands deposits in Alberta. Exploiting these challenging unconventional reserves requires advanced technology and massive investments.
But with oil prices recovering, projects to extract Canadian oil sands have regained feasibility. Canada now exploits its reserves more aggressively to achieve oil independence and export earnings. Environmental concerns remain about expanding Canada’s carbon-intensive oil sands output though.
4. Iran
- Total Reserves: 156 billion barrels
- Share of Global Reserves: 9.1%
Iran holds 9% of proven global oil reserves and ranks fourth. Significant production increases could occur if Iran expands engagement with the global economy and investment in its energy sector. Located near the Persian Gulf, Iran has the world’s second largest reserves of natural gas in addition to oil.
Despite turmoil after the 1979 Islamic Revolution, Iran maintains core petroleum infrastructure and capabilities. With sufficient foreign investment post-sanctions, Iran could expand oil production again. But tensions with Western nations and regional instability hampers Iran’s oil sector growth.
5. Iraq
- Total Reserves: 143 billion barrels
- Share of Global Reserves: 8.3%
Iraq possesses over 140 billion barrels in proven oil reserves, ranking fifth globally. The majority of Iraq’s oil lies beneath its southern region with key oil fields clustered near the borders. Iraq’s oil sector suffered gravely during wartime since the 1980s.
But it has undergone reconstruction and witnessed growing inflows of foreign investment since the 2000s. With relative stability and rebuilding of key infrastructure, Iraq aims to expand production capabilities significantly in the long term. But continuing terrorist activity makes progress uncertain.
6. Kuwait
- Total Reserves: 104 billion barrels
- Share of Global Reserves: 6%
Kuwait’s proven crude reserves stand at 104 billion barrels, or about 6% of world reserves. The Burgan field, discovered in 1938, is the world’s second largest oil field holding the bulk of Kuwait’s reserves. Kuwait also possesses considerable natural gas reserves.
As a major oil exporter, Kuwait’s production and export levels hold significant sway over international oil prices and policy. Kuwait aims to raise long-term production capacity to 4 million barrels per day. But Kuwait faces challenges maximizing reserves amid low oil prices and borders shared with turbulent nations.
7. United Arab Emirates
- Total Reserves: 98 billion barrels
- Share of Global Reserves: 5.7%
The UAE contains approximately 98 billion barrels of proven oil reserves, mostly located in Abu Dhabi. The UAE has the world’s sixth largest oil reserves and relies on oil exports for economic prosperity. In recent decades, the UAE has used advanced technology to increase oil production beyond former OPEC quotas and expand exports.
But maturing conventional fields means the UAE increasingly relies on enhanced oil recovery techniques to extract harder-to-access barrels and maintain export levels.
8. Russia
- Total Reserves: 80 billion barrels
- Share of Global Reserves: 4.6%
Russia possesses 80 billion barrels of proven oil reserves according to 2024 data. But it potentially holds far larger hydrocarbon deposits if unconventional oil resources are considered. Western sanctions obstructed Russian access to advanced drilling technology and investment since 2014.
But in response Russia has developed capabilities enabling exploitation of unconventional shale oil. Russia’s reserve base allows it to be a major oil producer in the long term. However, fluctuating oil prices and geopolitical factors impact growth.
9. Libya
- Total Reserves: 48 billion barrels
- Share of Global Reserves: 2.8%
Libya holds Africa’s largest proven oil reserves. The bulk of Libya’s 48 billion barrels in oil reserves consists of high-quality light sweet crude. Libya was a major oil exporter before civil conflict erupted in 2011. The ongoing turmoil has obstructed Libya realizing its full hydrocarbon potential through comprehensive exploration and production.
If stability takes hold, analysts estimate Libya could significantly expand reserves beyond current levels. Attracting foreign expertise and investment remains key to redeveloping Libya’s damaged oil industry.
10. Nigeria
- Total Reserves: 36 billion barrels
- Share of Global Reserves: 2.1%
Nigeria is the largest oil producer in Africa with 36 billion barrels in proven reserves. Nigeria’s oil lies predominantly around the Niger River Delta in offshore sedimentary basins. Decades of oil extraction occurred amid environmental degradation, pipeline sabotage, oil theft and civil unrest. But Nigeria works to enact reforms and stabilize production.
If successful, Nigeria could increase reserves by fully surveying unexplored regions and utilizing advanced drilling techniques. But instability in the Niger Delta makes expanding oil production difficult.
11. China
- Total Reserves: 30 billion barrels
- Share of Global Reserves: 1.7%
The Chinese government estimates the country has around 30 billion barrels in national proven reserves discovered so far. China is also thought to possess significant unconventional shale oil and oil sand resources, pending detailed surveys and assessment.
China’s domestic oil output has declined since reaching a peak in the mid-1990s. But technological expertise gained from foreign partnerships may help China access challenging domestic reserves and reverse declining national output. China also seeks new reserves abroad via acquisitions in nations like Kazakhstan to fuel economic growth and geopolitical ambitions.
12. Brazil
- Total Reserves: 12 billion barrels
- Share of Global Reserves: 0.7%
Brazil produces around 3 million barrels daily, though proven reserves stand at just 12 billion barrels. Major offshore discoveries in Brazil’s pre-salt basins since 2007 have opened vast potential for increasing the country’s oil reserves. Analysts estimate Brazil’s pre-salt fields could hold over 50 billion barrels.
But exploiting technically complex pre-salt plays requires advanced capabilities and massive capital outlays. If Brazil overcomes these barriers, the pre-salt areas could transform it into a top 10 oil reserve holder. For now Brazil remains heavily dependent on foreign expertise to expand national oil production.
Conclusion
The largest global oil reserve rankings reflect a dynamic industry. Some nations like Canada are tapping once prohibitively expensive unconventional oil resources. Meanwhile instability disrupts production growth in countries like Venezuela and Libya. With oil demand projected to keep rising for decades, reserve holders benefit from healthy prices that spur development.
But fluctuations make forecasting future rankings difficult. Environmental concerns and transition to alternative energy also raise questions around long term demand. However, oil is set to remain integral to the global economy through 2024 at least. And countries with the top reserves will maintain crucial roles in energy geopolitics.