Venezuela has the largest oil reserves worldwide. As of 2023, it had proved reserves amounting to more than 303 billion barrels. The majority of this amount was held within the Orinoco Belt rock deposits in the form of oil sands. However, despite its great potential, political turmoil and resulting sanctions by its most important importer, the U.S., has seen Venezuela's oil industry severely affected. Current oil exports in Venezuela are only a third of what it had been in 2012.
Proved oil reserves worldwide in 1960 and 2023, by key countries
(in million barrels)
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OPEC. (July 1, 2024). Proved oil reserves worldwide in 1960 and 2023, by key countries (in million barrels) [Graph]. In Statista. Retrieved December 26, 2024, from https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. "Proved oil reserves worldwide in 1960 and 2023, by key countries (in million barrels)." Chart. July 1, 2024. Statista. Accessed December 26, 2024. https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. (2024). Proved oil reserves worldwide in 1960 and 2023, by key countries (in million barrels). Statista. Statista Inc.. Accessed: December 26, 2024. https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC. "Proved Oil Reserves Worldwide in 1960 and 2023, by Key Countries (in Million Barrels)." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
OPEC, Proved oil reserves worldwide in 1960 and 2023, by key countries (in million barrels) Statista, https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/ (last visited December 26, 2024)
Proved oil reserves worldwide in 1960 and 2023, by key countries (in million barrels) [Graph], OPEC, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/264439/oil-reserves-in-selected-countries-since-1990/
