Venezuela holds the largest crude oil reserves of any OPEC member state. In 2024, it accounted for 24.4 percent of all OPEC oil reserves. This was followed by Saudi Arabia at 21.5 percent. The majority of proven crude oil reserves globally are located in OPEC member countries, accounting for nearly 80 percent of total crude oil reserves worldwide as of 2024.
OPEC stands for the Organization of the Petroleum Exporting Countries.
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Distribution of OPEC crude oil reserves in 2024, by country
Characteristic
Share of OPEC's reserves
Venezuela
24.4%
Saudi Arabia
21.5%
Iran
16.8%
Iraq
11.7%
United Arab Emirates
9.1%
Kuwait
8.2%
Libya
3.9%
Nigeria
3%
Algeria
1%
Gabon
0.2%
Congo
0.1%
Equatorial Guinea
0.1%
Created with Highcharts 7.2.2Share of OPEC's reserves24.4%24.4%21.5%21.5%16.8%16.8%11.7%11.7%9.1%9.1%8.2%8.2%3.9%3.9%3%3%1%1%0.2%0.2%0.1%0.1%0.1%0.1%VenezuelaSaudi ArabiaIranIraqUnited Arab EmiratesKuwaitLibyaNigeriaAlgeriaGabonCongoEquatorial Guinea
0%2%4%6%8%10%12%14%16%18%20%22%24%26%28%
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OPEC. (July 1, 2025). Distribution of OPEC crude oil reserves in 2024, by country [Graph]. In Statista. Retrieved July 15, 2025, from https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/
OPEC. "Distribution of OPEC crude oil reserves in 2024, by country." Chart. July 1, 2025. Statista. Accessed July 15, 2025. https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/
OPEC. (2025). Distribution of OPEC crude oil reserves in 2024, by country. Statista. Statista Inc.. Accessed: July 15, 2025. https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/
OPEC. "Distribution of Opec Crude Oil Reserves in 2024, by Country." Statista, Statista Inc., 1 Jul 2025, https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/
OPEC, Distribution of OPEC crude oil reserves in 2024, by country Statista, https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/ (last visited July 15, 2025)
Distribution of OPEC crude oil reserves in 2024, by country [Graph], OPEC, July 1, 2025. [Online]. Available: https://www.statista.com/statistics/1370179/opec-crude-oil-reserves-share-by-member-country/
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