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
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