By Afiur
January 05, 2026
US President Donald Trump’s plans to take control of Venezuela’s oil industry has brought global attention back to the country’s massive crude reserves. Venezuela holds the largest proven oil reserves
Total global proven crude oil reserves (2024): 1,567 billion barrelsVenezuela alone holds nearly one-fifth of the world’s total reserves, according to OPEC data.World Crude Oil ReservesWorld Crude Oil
Venezuela ranks number one globally, with 303 billion barrels of proven crude oil reserves. This makes Venezuela the world’s largest oil holder, ahead of Saudi Arabia and Iran. Control over this suppl
Saudi Arabia holds 267 billion barrels, making it the second-largest reserve holder globally. OPEC data shows Saudi oil remains central to global supply stability, but Venezuela still holds a larger r
Iraq rounds out the top five with 145 billion barrels of proven oil reserves. The country remains a major supplier despite political and security challenges.5. Iraq – 145 Billion Barrels5. Iraq – 145
Iran ranks third with 209 billion barrels of proven crude reserves. Sanctions and geopolitics have limited Iran’s output, similar to challenges faced by Venezuela.3. Iran – 209 Billion Barrels3. Iran
Canada has 163 billion barrels of proven reserves, largely from oil sands. OPEC data highlights Canada as the largest reserve holder outside OPEC after Venezuela.4. Canada – 163 Billion Barrels4. Cana
With Venezuela holding nearly 20% of global crude oil reserves, any US move to influence or control its oil industry could impact global oil prices, reduce US dependence on Middle East oil, and shift