Global oil reserves in select countries 1960-2022
Venezuela has the largest oil reserves worldwide. As of 2022, 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 production in Venezuela is only a quarter of what it had been in 2015.
