Venezuela, Saudi Arabia, and Iran hold over 50% of the world’s 1.57 trillion barrels in recoverable crude oil reserves, with Nigeria among top 10

Key Takeaways

  • The world’s total proven recoverable crude oil reserves stand at 1.57 trillion barrels in 2024.
  • Venezuela, Saudi Arabia, and Iran collectively hold over 50% of these reserves, with 303.2B, 267.2B, and 208.6B barrels respectively.
  • Nigeria ranks 10th globally with 37.3 billion barrels, placing it ahead of other major producers like Kazakhstan, China, and Brazil.
  • The majority of the largest reserves are concentrated in Middle Eastern and South American countries, with only a few top holders located in North America, Africa, and Asia.

The global landscape of proven crude oil reserves in 2024 is heavily concentrated among a small group of countries. Venezuela leads with 303.2 billion barrels, followed closely by Saudi Arabia with 267.2 billion, and Iran with 208.6 billion. Combined, these three nations account for over 779 billion barrels, more than half of all documented reserves worldwide.

Other major holders include Iraq (145.0 billion), the UAE (113 billion), Kuwait (101.5 billion), and Russia (80 billion), forming the upper tier of oil-rich nations. Libya (48.3 billion) and the United States (45.0 billion) also feature prominently. Nigeria, with 37.3 billion barrels, ranks 10th, reinforcing its role as Africa’s largest reserve holder.

Further down the list are emerging players such as Kazakhstan (30 billion), China (28.2 billion), and Brazil (15.9 billion). The top 20 countries alone account for the overwhelming majority of the world’s 1.57 trillion barrels in recoverable reserves, underscoring the strategic significance of these resource-rich nations in the global energy balance.

Source:

OPEC

Period:

2024
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Libya tops list as African fuel prices remain below $1 in the top 9 African nations
  • Libya maintains its position as the cheapest fuel market in Africa with just $0.028 per litre.
  • Nine out of ten countries have fuel prices under $1 per litre, signalling widespread affordability across much of the continent.
  • Nigeria, despite partial subsidy reforms, still ranks among the cheapest with fuel priced at $0.586 per litre.
  • DR Congo is the only country in the top 10 where fuel costs exceed $1 per litre, standing at $1.039.
  • Ethiopia and Liberia are the only non-oil-producing countries among Africa’s top 10 cheapest fuel markets.
Following subsidy removal, Nigeria’s average daily fuel consumption collapsed from 66.7m litres to 47.5m litres
  • Nigeria’s daily fuel consumption peaked at 66.7 million litres in 2022.
  • Fuel consumption fell to 47.5 million litres in 2023 after the subsidy removal.
  • Consumption rebounded slightly to 51.8 million litres in 2024, but remains far below 2022 levels.
  • Between 2015 and 2022, consumption grew from 48.7m to 66.7m litres daily.
  • 2021 saw a notable increase to 61.9m litres, likely due to economic recovery post-COVID.
  • The lowest recorded consumption in the 10-year period was 47.5m litres in 2023.
  • The post-subsidy dip marks the largest single-year decline in consumption within the observed period.
Dangote Refinery led with a capacity of 650,000 barrels per day, representing almost 67% of Nigeria’s total functional refining capacity in early 2025
Key takeaways:
  • As of January to June 2025, Nigeria had nine operational refineries.
  • Dangote Petroleum Refinery is the largest, with a capacity of 650,000 barrels per day (bpd).
  • The total combined capacity of all functional refineries is almost 975,000 bpd.
  • Government-owned refineries, Warri, Kaduna, and Port Harcourt (old), collectively have a capacity of 295,000 bpd.
  • Out of 27 licensed refineries by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), only nine were operational during this period.
  • Other operational refineries such as Aradel, OPAC, Edo, Waltersmith, and Duport Midstream collectively have a capacity of 29,500 bpd.
Africa's crude oil producers: Only 4 countries ever made it past 1 million barrels a day since 1965
  • Only 4 African countries ever crossed 1 million b/d:   Libya, Nigeria, Algeria, and Angola.
  • Libya was Africa’s top producer in the 1970s and 2000s. At its peak, Libya did over 3 million b/d. No other African country has touched that.
  • Nigeria peaked in 2005 with 2.5 million b/d. But since then, it’s been unstable due to theft and pipeline issues.
  • Angola and Algeria have stayed around or above 1 million b/d for long periods, especially post-2000.
  • Despite oil discoveries, most African countries never got close to 1 million b/d: countries like Chad, Sudan, and Gabon, while some peaked under 500k.
After the drop in 2020 due to COVID-19, Oando Plc's profit before tax has surpassed pre-COVID-19 levels
Key Takeaways:
  • Despite recent gains, Oando Plc's earnings before tax have declined by 222% over the past decade.
  • Major losses occurred in 2019 and 2020, with a rebound in 2021 and 2023.
  • The company demonstrated remarkable resilience by recovering to ₦103 billion profit in 2023.
  • The earnings before tax in 2024 fell by 54% from 2023.
  • The year-on-year growth rate from 2015 to 2024 was shown to be negative despite recording ₦47.8 billion in 2024, as against -₦39.1 billion in 2015.
In 50+ years of oil production, the top spot has rotated among only 4 countries
  • Only 4 countries have ever topped global oil production since 1973: the US, USSR, Saudi Arabia, and Russia.
  • The USSR and Saudi Arabia each led for 17 years, while Russia held 9 and the U.S. reclaimed the top with 8 years, mostly after the shale boom.
  • Top producers have peaked at 9–12 million barrels/day, but the US once dropped as low as 5 million in the 2000s.
  • Nigeria peaked at 2.5 million barrels/day in 2005 and 2011, but never reached the top five.
  • Global crude oil production grew by over 26 million barrels per day between 1973 and 2023—an increase of nearly 47% over 50 years.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved