author: Tyler Durden
Oil remains 1 of the most strategically crucial resources in the planet economy. It drives transport systems, supports industrial activity and continues to form geopolitics and trade flows. While renewable energy sources oil continues to play a dominant function in gathering global energy needs.
This visualization, created by Bruno Venditti of Visual Capitalist, classifies countries according to their proven oil resources at the end of 2024.
Data for this graphic comes from Annual Statistical Bulletin OPEC 2025. These data represent proven oil reserves at the end of 2024 and are counted in billion barrels. Data include both conventional oil and oil sands.
Four countries dominate the world's oil reserves
Global oil deposits are highly concentrated.
Venezuela takes first place with an estimated 303 billion barrels of oil reserves. However, transforming this vast resource base into economical and geopolitical strength has proved difficult, as ongoing US sanctions and fresh acquisition of Venezuelan oil supply for Trump administration proceed to limit Maduro government's ability to export oil and full monetise reserves.
Saudi Arabia follows this South American country with 267 billion barrels. Iran, Canada And Iraq closes the first five.
| Grade | Country | 2024 (billion barrels) |
|---|---|---|
| 1 | Venezuela | 303,221 |
| 2 | Saudi Arabia | 267,200 |
| 3 | Iran | 208,600 |
| 4 | Canada | 163,000 |
| 5 | Iraq | 145,019 |
| 6 | United arabian Emirates | 113,000 |
| 7 | Kuwait | 101,500 |
| 8 | Russia | 80,000 |
| 9 | Libya | 48,363 |
| 10 | United States | 45,014 |
| 11 | Nigeria | 37,280 |
| 12 | Kazakhstan | 30,000 |
| 13 | China | 28,182 |
| 14 | Qatar | 25,244 |
| 15 | Brazil | 15,894 |
| 16 | Algeria | 12,200 |
| 17 | Ecuador | 8,273 |
| 18 | Azerbaijan | 7.000 |
| 19 | Norway | 6,912 |
| 20 | Mexico | 5.136 |
| 21 | Sudan | 5,000 |
| 22 | India | 4.981 |
| 23 | Oman | 4,971 |
| 24 | Vietnam | 4,400 |
| 25 | Egypt | 3,300 |
| 26 | Argentina | 2,999 |
| 27 | Malaysia | 2,700 |
| 28 | Angola | 2,550 |
| 29 | Indonesia | 2,410 |
| 30 | Colombia | 2,019 |
| 31 | Gabon | 2,000 |
| 32 | Congo | 1,811 |
| 33 | Australia | 1,803 |
| 34 | United Kingdom | 1,500 |
| 35 | Brunei | 1,100 |
| 36 | Equatorial Guinea | 1,100 |
| 37 | Turkmenistan | 600 |
| 38 | Uzbekistan | 594 |
| 39 | Ukraine | 395 |
| 40 | Denmark | 365 |
| 41 | Belarus | 198 |
| 42 | Chile | 150 |
The function of OPEC and the mediate East
Many of the world's largest oil reserves are owned by OPEC members, especially in the mediate East. Saudi Arabia, Iran, Iraq, Kuwait and the United arabian Emirates are a pillar of the region's dominance.
These countries benefit from low mining costs and large, readily available reserves. As a result, mediate east producers are expected to stay key suppliers, even erstwhile global request growth slows down.
Oil sands and non-OPEC producers
Canada stands out among countries outside OPEC, taking 4th place in the planet in terms of 163 billion barrels of reserves. Most Canadian reserves come from oil sands that are more costly and more carbonous in extraction. Russia and the United States besides ranks in the top ten.
Together, the figures show how unevenly the oil resources are and why oil-rich countries inactive have crucial economical and geopolitical strength.
If you liked today's entry, check Charted: Global Grid Investment by Country (2020–2027F) au Voronoi, the fresh Visual Capitalist app.
Translated by Google Translator
Source:https://www.zerohedge.com/energy
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