Venezuela is the country with the largest proven oil reserves in the world, exceeding those of Saudi Arabia and Russia, according to the most recent consolidated assessments from international energy authorities.

The South American nation’s reserve base is estimated at just over three hundred billion barrels, a figure that reflects decades of certification of vast extra-heavy crude deposits concentrated in the Orinoco Belt.

Saudi Arabia ranks second globally with proven reserves of roughly two hundred and sixty billion barrels, followed closely by Canada and Iran, while Russia holds a smaller but still substantial reserve base.

The distinction highlights the difference between reserves and production: although Venezuela possesses the largest volumes underground, it has not translated that endowment into sustained output in recent years.

Venezuela’s reserves are dominated by extra-heavy oil, which requires more complex and capital-intensive extraction and refining processes than conventional crude.

Combined with long-standing infrastructure constraints and limited access to investment and technology, these factors have kept production well below the country’s theoretical potential, despite the scale of its resources.

By contrast, Saudi Arabia and Russia have built global influence through consistent production, export capacity and market integration, allowing them to play central roles in balancing global oil supply.

Their reserve bases, while smaller than Venezuela’s on paper, are more readily accessible and commercially developed.

The comparison underscores a central reality of global energy markets: reserve size alone does not determine market power.

While Venezuela leads the world in proven oil reserves, production capability, investment conditions and operational efficiency remain decisive in shaping a country’s influence over global oil supply.