08.03.2026 09:51
A large portion of the world's oil reserves is concentrated in a limited number of countries. While Venezuela, Saudi Arabia, and Iran are at the top of the list, the US-Israel-Iran War has brought countries with energy resources back to the forefront. Here are the countries with the largest oil reserves in the world.
Escalating conflicts in the Middle East have caused significant fluctuations in global energy markets. Following U.S. President Donald Trump's demand for "unconditional surrender" from Iran, oil prices surged sharply, and concerns about energy supply grew.
The ongoing war in the Middle East has directly impacted the oil market. Brent crude, considered the global benchmark, finished the week at $93.04, an increase of 8.93%. On a weekly basis, Brent crude rose by 28.37%, marking its strongest weekly performance since April 2020.
U.S. President Donald Trump's harsh statements towards Iran and expectations that the conflicts may prolong have heightened concerns about potential supply shortages in the global oil and natural gas markets. The tensions in the region have also affected the Strait of Hormuz, which is critical for energy transportation. Developments in the strait, where tanker traffic has significantly slowed, have reinforced worries that global oil flows may be disrupted.
COUNTRIES WITH THE LARGEST OIL RESERVES IN THE WORLD
10 - Libya
Oil Reserve: 48.4 billion barrels
Crude Oil Exports: $27.7 billion
(Recently experienced a civil war)
9 - USA
Oil Reserve: 45 billion barrels
Crude Oil Exports: $124 billion
(Involved in attacks on Iran alongside Israel)
8 - Russia
Oil Reserve: 80 billion barrels
Crude Oil Exports: $124 billion
(In a state of war with Ukraine since February 2022 and a target of many sanctions)
7 - Kuwait
Oil Reserve: 101.5 billion barrels
Crude Oil Exports: $29 billion
(Among the countries affected by Iranian attacks. The largest export route is the Strait of Hormuz)
6 - United Arab Emirates (UAE)
Oil Reserve: 113 billion barrels
Crude Oil Exports: $114 billion
(One of the countries affected by tensions with Iran. A large portion of exports passes through the Strait of Hormuz)
5 - Iraq
Oil Reserve: 145 billion barrels
Crude Oil Exports: $98 billion
(A significant portion of oil shipments is made through the Strait of Hormuz)
4 - Canada
Oil Reserve: 171 billion barrels
(Crude Oil Exports: $106 billion)
3 - Iran
Oil Reserve: 208.6 billion barrels
Crude Oil Exports: $47 billion
(In a state of war with the USA and Israel)
2 - Saudi Arabia
Oil Reserve: 267.2 billion barrels
Crude Oil Exports: $187 billion
(A significant portion of oil exports occurs through the Strait of Hormuz)
1 - Venezuela
Oil Reserve: 303.2 billion barrels
Crude Oil Exports: $9.8 billion
(President Nicolas Maduro was kidnapped and arrested by the USA)