List: Top 10 countries with biggest confirmed oil reserves

Recent political upheaval in Venezuela has thrust its massive oil reserves into the spotlight. And While disruptions from Venezuela were initially expected to inflate jet fuel costs, oil traded lower on Monday following the US ouster of Nicolas Maduro.

Amid economic collapse and sanctions, and now Maduro’s future up to a New York court, the Latin America country's 303 billion barrels remains the planet’s largest proven reserves.

It remains largely untapped.

Western government sanctions against Iran, Russia and Venezuela have tightened oil supply forecasts for 2026, Reuters reported.​

The situation underscores the fragility of an oil-dependent world, while production leaders like the US continue pumping record volumes through tech-driven shale booms. 

Venezuela’s crisis amplifies contrasts between reserve giants and output powerhouses. Oil-producing nations like Saudi Arabia and Iran boast huge stockpiles, while the US leverages innovation to lead production despite modest reserves. 

Saudi Arabia, second in reserves at 267 billion barrels, maintains output flexibility via OPEC+ cuts, producing around 9 million barrels per day (bpd). 

Iran and Iraq follow with 209 and 145 billion barrels in confirmed reserves, respectively, though their fields are strained by sanctions and conflict, yet vital to regional flows.​

The data shows OPEC members dominate the top six, accounting for over 60% of global totals near 1.7 trillion barrels.

Figures vary slightly by source due to estimation methods, political access (e.g., Venezuela's post-2026 instability), and new discoveries, but rankings (see below) generally remain stable.

Meanwhile, US production — 13 million bpd from shale — highlights how technology trumps sheer volume, with Russia and Canada rounding out producers despite reserve variances.​

Experts warn Venezuela's chaos may persist, pushing markets toward Middle Eastern stability or North American abundance. 

Yet diversification remains key. And as oil’s throne wobbles, renewables beckon.

In terms of proven oil reserves, Venezuela leads, followed closely by Saudi Arabia and Iran, while the United States tops oil production due to shale advancements.​

Following are the top 10 countries by oil reserves based on recent data (2024/2025).

Note: Exact figures vary slightly by source and methodology. Recent 2025-2026 data from energy agencies like OPEC, EIA, and BP Statistical Review confirm these standings for proven reserves (economically recoverable under current conditions).