Oil remains one of the most strategically important resources in the global economy. It powers transportation systems, underpins industrial activity, and continues to shape geopolitics and trade flows. While renewable energy is growing, oil still plays a dominant role in meeting global energy needs. This visualization, via Visual Capitalist’s Bruno Venditti, ranks countries by the size of their proven oil reserves at the end of 2024. Four Countries Dominate Global Oil Reserves Visualizing the Countries With the Largest Proven Oil ReservesGlobal oil reserves are highly concentrated. Venezuela ranks first with an estimated 303 billion barrels of oil reserves. However, turning this vast resource base into economic and geopolitical power has proven difficult, as ongoing U.S. sanctions and the recent seizure of Venezuelan oil shipments under the Trump administration continue to limit the Maduro government’s ability to export crude and fully monetize its reserves. Saudi Arabia follows the South American country with 267 billion barrels. Iran, Canada, and Iraq round out the top five. Rank Country 2024 (Billion Barrels) 1 Venezuela 303,221 2 Saudi Arabia 267,200 3 Iran 208,600 4 Canada 163,000 5 Iraq 145,019 6 United Arab Emirates 113,000 7 Kuwait 101,500 8 Russia 80,000 9 Libya 48,363 10 United States 45,014 11 Nigeria […]