In 2023, Venezuela led with oil proven reserves, followed by Saudi Arabia and Canada. Notably, Iran and Iraq held significant reserves, though trailing behind the top three. Between 2023 and 2024, the forecast suggests a stable trajectory for most countries, with variations largely due to geopolitical and economic factors influencing extraction and exploration activities. Over the past five years, oil reserve growth showed modest CAGR, emphasizing a slow increase due to plateauing discoveries and international focus on sustainable energy.
Future trends to watch include advancements in exploration technology potentially uncovering new reserves, shifts in energy policies and their impact on oil extraction, and geopolitical tensions that could affect reserve accessibility and exploitation strategies.
Top countries in Top Countries by Oil Proven Reserves
| # | 10 Countries | Thousand Million Barrels | Last Year | |
|---|---|---|---|---|
| 1 | 1 Venezuela | 300.88 | 2016 | |
| 2 | 2 Saudi Arabia | 266.45 | 2016 | |
| 3 | 3 Canada | 171.51 | 2016 | |
| 4 | 4 Iran | 158.4 | 2016 | |
| 5 | 5 Iraq | 153 | 2016 | |
| 6 | 6 Russia | 109.5 | 2016 | |
| 7 | 7 Kuwait | 101.5 | 2016 | |
| 8 | 8 United Arab Emirates | 97.8 | 2016 | |
| 9 | 9 Libya | 48.36 | 2016 | |
| 10 | 10 United States | 47.99 | 2016 |
