In 2023, Venezuela led with 17.63% of global oil proven reserves, followed by Saudi Arabia at 15.61% and Canada at 10.05%. Notable contributors also included Iran, Iraq, and Russia, holding 9.28%, 8.96%, and 6.42%, respectively. Kuwait and the UAE collectively accounted for over 11%, while Libya and the United States collectively held around 5.64%.
Future trends indicate a potential reshuffling as exploration efforts intensify, particularly in underutilized regions. The global shift towards renewable energy sources might also influence exploration policies and reserve management strategies. Political and technological evolutions could drive further changes in global reserve distribution.
Top countries in Top Countries' Share of Global Oil Proven Reserves
| # | 10 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Venezuela | 17.63 | 2016 | |
| 2 | 2 Saudi Arabia | 15.61 | 2016 | |
| 3 | 3 Canada | 10.05 | 2016 | |
| 4 | 4 Iran | 9.28 | 2016 | |
| 5 | 5 Iraq | 8.96 | 2016 | |
| 6 | 6 Russia | 6.42 | 2016 | |
| 7 | 7 Kuwait | 5.95 | 2016 | |
| 8 | 8 United Arab Emirates | 5.73 | 2016 | |
| 9 | 9 Libya | 2.83 | 2016 | |
| 10 | 10 United States | 2.81 | 2016 |
