- The Organisation of the Petroleum Exporting Countries (OPEC) Annual Statistical Bulletin 2025 highlighted the global oil output
- Despite having the largest proven oil reserves in the world, Venezuela’s ability to export crude and fully profit from the resource has been hampered by US sanctions
- The US president Donald Trump announced his country’s involvement in the Venezuelan oil industry after capturing President Nicolas Maduro
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
The world oil demand has grown by 1.49 million barrels per day to reach an average of 103.84 million barrels per day.
Source: Getty Images
This is according to the Organisation of the Petroleum Exporting Countries (OPEC) Annual Statistical Bulletin 2025.
The report showed that OPEC member countries exported an average of 19.01 million barrels of crude oil per day in 2024, a decrease of 3.5%, compared to 2023.
OPEC countries own a huge portion of the world’s greatest oil reserves, especially in the Middle East.
The supremacy of the region is anchored by Saudi Arabia, Iran, Iraq, Kuwait, and the United Arab Emirates. These nations profit from substantial, conveniently accessible reserves and low extraction costs.
Therefore, it is expected that Middle Eastern manufacturers will continue to be critical suppliers.
Which countries dominate global oil reserves?
The world’s proven crude oil reserves stood at 1.567 trillion barrels at the end of 2024, higher by 0.1%, compared to 2023 levels.
Source: Facebook
Despite having the largest proven oil reserves in the world (about 303 billion barrels), Venezuela’s ability to export crude and fully profit from the resource has been hampered by US sanctions.
With 267 billion barrels, Saudi Arabia trails the nation in South America. Iraq, Canada, and Iran complete the top five.
Which countries have the largest oil reserves?
Read also
Kenyan shilling remains stable in New Year 2026 after increase in foreign exchange reserves
Country | Oil reserves (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 (UAE) | 113,000 |
7. Kuwait | 101,500 |
8. Russia | 80,000 |
9. Libya | 48,363 |
10. The US | 45,014 |
11. Nigeria | 37,280 |
12. Kazakhstan | 30,000 |
13. China | 28,182 |
14. Qatar | 25,244 |
What next after Nicolas Maduro’s capture?
After capturing Venezuelan president Nicolas Maduro, US president Donald Trump announced on Saturday, January 3, that the US would be very strongly involved in the country’s oil industry.
The US Energy Information Administration noted that upgrading the oil industry will likely require years of labour and large investments, as well as a certain level of political stability, to increase oil output.
Trump stated in his speech that the US will “run” Venezuela for the time being, although he did not specify how or by whom.
Due to poor management, underinvestment, and sanctions, Venezuela’s petroleum output is still considerably below capacity despite its enormous reserves.
Production dropped below 2 million barrels per day in the 2010s and averaged about 1.1 million barrels per day last year after peaking at 3.5 million barrels per day in the 1970s (more than 7% of global output).
Proofreading by Asher Omondi, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
