Even though countries like Saudi Arabia, Iran, Iraq, and Russia often claim to be rich in crude oil, they are not number one when it comes to having the largest oil reserves.
According to data from Worldometer, the country with the biggest oil reserves in the world is Venezuela. It has around 303,008 million barrels of oil stored underground.
But despite having so much oil, Venezuela’s economy is in very bad shape. More than 80 per cent of its people live in poverty. The situation is so serious that Venezuela is also listed among the top five countries with the highest inflation in the world.
This shows that having natural resources like oil is not enough without good governance and a stable system, even the richest resources can’t save a country’s economy.
Countries with the largest oil reserves after Venezuela
After Venezuela, which has the world’s largest oil reserves, the next countries on the list also hold massive amounts of oil underground.
At number two is Saudi Arabia, with around 267,230 million barrels of oil (as per 2023 data). Unlike Venezuela, Saudi Arabia has a very strong economy. Along with being a leader in oil production, it is also growing in tourism, technology, and other industries.
Iran stands in the third position with 208,600 million barrels of oil reserves. In fourth place is taken by Iraq, which holds about 145,019 million barrels. The United Arab Emirates (UAE) is fifth, with 113,000 million barrels of oil reserves.
Other countries in the top 10 list include Canada, Kuwait, and Libya, all of which also have large oil reserves and play important roles in the global energy market.
Russia and the US also hold large oil reserves
While countries like Iran and Iraq depend almost entirely on oil for their economy, there are also nations like Russia, the US, and China that have both strong economies and large oil reserves.
- Russia has about 80,000 million barrels of crude oil and exports it to many countries, including India.
- The United States holds around 47,730 million barrels.
- China has oil reserves of about 27,889 million barrels.
India among world’s biggest oil importers
When it comes to oil importers, the US and China are the top two. Despite having their own oil reserves, their huge energy needs force them to import large amounts of crude oil.
India stands at number three among the world’s biggest oil importers. According to reports, India imports 80 per cent of the oil it needs. Out of that, around 40 per cent comes through the Strait of Hormuz, a narrow waterway controlled mostly by Iran, which is often affected by political tensions.
Due to the unstable situation in the Middle East, India has started increasing oil imports from Russia and the US.
According to recent data from global trade analysis firm Kpler, in June, India imported 2 to 2.2 million barrels per day (BPD) of crude oil from Russia, the highest in two years, and more than what it imported from Iraq, Saudi Arabia, UAE, or Kuwait.
Oil imports from the US also rose to 439,000 BPD in June, up from 280,000 BPD in May. This shift marks a major change in India’s oil strategy to reduce dependence on the Middle East.