Business

Who Has The World’s Oil, And Who Can Actually Produce It

Image Courtesy Of Visual Capitalist

The recent U.S. operation to capture Venezuelan President Nicolás Maduro reignited discussions this weekend about the Latin American country’s oil industry.

This article was written by Niccolo Conte and originally published by Visual Capitalist.

Venezuela currently holds the world’s largest oil reserves—about 303 billion barrels—but its oil industry has struggled in recent years due to mismanagement and U.S. sanctions.

Following Maduro’s capture, U.S. President Donald Trump stated that Venezuela’s oil industry would be revived through the entry of American companies into the country.

This chart compares proven oil reserves and daily production across the world’s top oil producers, revealing stark contrasts between output-heavy producers and those sitting on vast untapped resources.

The data for this visualization comes from the Energy Institute and reflects oil production levels in 2024.

Ranked: Top Oil Producers and Their Reserves

The United States tops global oil production, pumping more than 20 million barrels per day.

While America’s proven reserves seem low at first sight at just 45 billion barrels, this is due to U.S. shale producers’ short investment cycles which book only a few years of economically viable reserves at a time, and replace them through ongoing drilling.

Rank (Production)	Country	Oil production in 2024 (barrels per day)	Proven oil reserves (billion barrels of oil)
1	🇺🇸 United States	20,135,000	45.0
2	🇸🇦 Saudi Arabia	10,856,000	267.2
3	🇷🇺 Russia	10,752,000	80.0
4	🇨🇦 Canada	5,888,000	163.0
5	🇮🇷 Iran	5,062,000	208.6
6	🇮🇶 Iraq	4,398,000	145.0
7	🇨🇳 China	4,264,000	28.2
8	🇦🇪 United Arab Emirates	4,006,000	113.0
9	🇧🇷 Brazil	3,466,000	15.9
10	🇰🇼 Kuwait	2,719,000	101.5
11	🇲🇽 Mexico	1,911,000	5.1
12	🇰🇿 Kazakhstan	1,836,000	30.0
13	🇳🇴 Norway	1,833,000	6.9
14	🇶🇦 Qatar	1,806,000	25.2
15	🇳🇬 Nigeria	1,641,000	37.3

Rank (Production)	Country	Oil production in 2024 (barrels per day)	Proven oil reserves (billion barrels of oil)
16	🇩🇿 Algeria	1,380,000	12.2
17	🇦🇷 Argentina	1,214,000	3.0
18	🇱🇾 Libya	1,188,000	48.4
19	🇦🇴 Angola	1,181,000	2.6
20	🇴🇲 Oman	993,000	5.0
21	🇻🇪 Venezuela	960,000	303.2
22	🇨🇴 Colombia	773,000	2.0
23	🇮🇳 India	735,000	5.0
24	🇬🇧 United Kingdom	653,000	1.5
25	🇪🇬 Egypt	637,000	3.3

Countries like Mexico, Argentina, and the United Kingdom also have relatively modest reserves paired with sustained output, though each situation is unique.

Reserve-Rich, Output-Light Producers

Venezuela stands apart from every other producer. With more than 300 billion barrels in proven reserves, its reserves-to-production ratio exceeds 800 years—the highest in the world by a wide margin. Iran, Libya, Kuwait, and Iraq also post triple-digit reserve lifespans.

Countries like Saudi Arabia, Canada, and the United Arab Emirates strike a middle ground. Saudi Arabia’s reserves could last more than 60 years at current output, while Canada’s oil sands give it one of the longest reserve lifespans among high-production countries.