Venezuela has the largest proven crude oil reserves in the world in 2024, according to data shared by OPEC. The country holds an estimated 303 billion barrels of oil, which is nearly one fifth of all proven oil reserves globally. This keeps Venezuela at the top of the list, ahead of every other oil-producing nation.
Over the years, Venezuela’s oil industry has also been at the centre of political debate. The oil sector was nationalised in 1976, meaning it was brought under state control. The Trump administration has repeatedly criticised this decision, claiming that Venezuela’s oil was “stolen” from the United States. These statements refer to the nationalisation process, which remains a sensitive and controversial issue in international politics and economics.
OPEC’s data shows that after Venezuela, several other countries with large oil reserves are mostly located in the Middle East, along with a few nations in other regions. This clearly shows that the world’s energy resources are not evenly spread. Instead, a small number of countries control a large share of global oil reserves, giving them significant influence over global energy markets.
