He oila strategic resource and key piece in the global economy, continues to be a determining factor for the countries that have the largest reserves. The proven reserves They are defined as those quantities of crude oil that, through technical and economic analysis, can be extracted with a high level of confidence. In this context, the most recent figures published in The World Factbook from the CIA offer a precise x-ray of how these reserves are distributed worldwide.
In first place in the global ranking, Venezuela consolidates itself as the country with the largest oil reserves in the worldtotaling 302.3 billion barrels. This monumental volume not only positions it above historically relevant nations in the industry such as Saudi Arabia and the United States, but also exceeds Russia’s reserves by more than three times. The Orinoco Oil Beltone of the richest areas in crude oil, largely explains this comparative advantage.
Secondly, there is Saudi Arabiacon 266.2 billion barrels. This country is recognized not only for its vast amount of reserves, but also for its ability to extract and place oil on the global market at competitive prices. For decades, he has led the Organization of Petroleum Exporting Countries (OPEC) and played a central role in the regulation of international supply.
Canada occupies third place with 170.5 billion barrelswhere much of its reserves come from the Alberta tar sands. Although these reserves require expensive and complex processes for their extraction, their presence in the top three demonstrates the relevance of modern technologies in crude oil exploitation.
In fourth place, Iran register 157.2 billion barrels. Despite having vast reserves, international sanctions and economic restrictions have limited its ability to expand its production to the level of other oil giants.
He fifth place belongs to Irakcon 148.8 billion barrels. This country has experienced a revitalization of its oil industry in recent years, with strong growth in its production and export capacity, especially in the fields located in the south of the country.
Further down the ranking, Kuwait figure with 101.5 billion barrelsfollowed by the United Arab Emirateswhich reach 97.8 billion barrels. Both nations stand out for the high quality of their crude oil and their leading role within OPEC.
Russiacon 80 billion barrelsis positioned in eighth place. Despite being one of the main world exporters, its proven reserves are significantly lower than those of the leaders in the ranking.
Finally, the list of the ten countries with the largest reserves is completed Libya y Nigeriacon 48.360 million barrels y 37.45 billion barrelsrespectively. Both nations rely heavily on revenue from crude oil exports to sustain their economies.
Outside the top ten, Argentinacon 2,162 million barrelsis located in an intermediate place within the producing nations. Although far from the global leaders, its reserves represent a significant part of the total available in Latin America. Countries like Brazil and Ecuador also stand out within the region, with 12.630 million y 8,273 million barrelsrespectively.
Other countries, such as Mexico (6.630 million barrels) y Colombia (1,665 million barrels), complete the list of important producers in the region. These data confirm that Latin America plays a relevant role in the global oil market, although only Venezuela manages to be among the main powers in terms of proven reserves.
In addition to the American countries, the figures highlight reservations in less traditional regions. For example, Kazakhstanin Central Asia, has 30 billion barrelswhich positions it as an important player in its region. In Africa, beyond Nigeria and Libya, countries like Angola (9,523 million barrels) also emerge as relevant players.
In the case of Europe, reserves are limited compared to other regions. Norwaycon 6.376 million barrelsleads the European ranking thanks to its exploitation in the North Sea. United Kingdomfor its part, adds 2,069 million barrelslargely coming from the same shared deposits.
In East Asia, Chinacon 25.630 million barrelsconsolidates itself as the largest holder of proven reserves. However, its massive consumption makes it one of the world’s largest importers of crude oil.
Finally, countries with a lower participation in the global crude oil market also appear in the records of proven reserves. Trinidad and TobagoFor example, sum 243 million barrelswhile Barbados reaches 2,534 million barrels. These figures, although small, are relevant for their local economies, since oil represents a strategic resource to ensure their energy and financial development.
