Crude Oil Reserves
Crude Oil Reserves by country
Commentary
Notable countries
Venezuela stands far ahead with 304,000 million bbl of crude oil reserves, followed by Saudi Arabia at 267,000 and Iran at 209,000. Canada, Iraq, the United Arab Emirates, Kuwait, Russia, the United States, and Libya complete the top 10, showing that the largest reserves are heavily concentrated in a small group of countries. At the other end, Jordan, Barbados, and Morocco each have just 1 million bbl, with Taiwan at 2 and Belize at 6. A notable surprise is that Russia is the only European country in the top 10, while Libya is Africa’s sole representative there.
Regional trends
By continent average, South America leads with 34,480 million bbl, ahead of North America at 31,300 and Asia at 26,560. These high regional averages reflect the presence of very large reserve holders such as Venezuela, Canada, Saudi Arabia, Iran, Iraq, and the United Arab Emirates. Africa’s average is much lower at 5,315, while Europe averages 4,028 despite Russia’s large reserves, indicating that most European countries have relatively modest totals. Oceania has the lowest average at 880 million bbl.
Data source
The data come from EIA 2021 and are measured in million bbl. Coverage includes 104 countries. Because reserves are highly unevenly distributed, with a mean of 17,060 and a very large standard deviation of 50,860, cross-country comparisons are strongly influenced by a few exceptionally large holders.
Interpretation
Higher values mean a country has larger proven crude oil reserves, which can indicate greater long-term resource wealth and potential energy leverage. Lower values mean limited reserve endowments, though they do not by themselves describe current production, exports, or broader economic performance. Overall, the data show an extremely concentrated global reserve map, with a handful of countries dominating while many others hold only very small amounts. That makes reserve ownership important, but not the only measure of a country’s role in energy markets.