Oil continues to be a cornerstone of the global energy landscape, profoundly shaping economic dynamics, international trade, and geopolitical strategies. According to the latest data from the Organization of the Petroleum Exporting Countries (OPEC), the world's proven crude oil reserves saw a slight increase, underscoring the enduring strategic importance of this resource.
Global Oil Reserves: OPEC's Commanding Share
The OPEC 2025 Annual Statistical Bulletin, published in July 2024, provides a comprehensive snapshot of the global oil market. The report reveals that the world's proven crude oil reserves stood at approximately 1,566,869 million barrels (mb) by the end of 2024. This marked a modest growth of 2,340 mb, or 0.1 per cent, from the previous year.
A critical finding is the continued dominance of OPEC member nations, which collectively control a staggering 79.1% of the world's total proven oil reserves. This concentration of resources highlights the cartel's pivotal role in global energy supply and pricing.
The Top 10 Nations with the Largest Oil Reserves
The rankings for 2025, based on proven reserves at the end of 2024, showcase familiar giants alongside notable positions. Venezuela firmly retains its position at the pinnacle, with colossal proven reserves of 303,221 million barrels. This accounts for nearly one-fifth of the global total and represents an increase of 213 mb from 2023.
The Middle East, as a region, demonstrates its resource wealth with multiple entries. Saudi Arabia follows in second place globally with 267,200 mb, although its reserves saw a decrease of 30 mb. Iran claims the third spot with 208,600 mb of proven crude oil.
Among non-OPEC nations, Canada stands out, securing the fourth position worldwide with reserves of 163,440 mb. The list of top ten holders is rounded out by other major players:
- Iraq: 145,019 mb
- United Arab Emirates: 113,000 mb
- Kuwait: 101,500 mb
- Russia: 80,000 mb
- Libya: 48,363 mb
- United States: 45,014 mb (notably increasing by 1,522 mb)
India's Position in the Global Oil Reserve Landscape
Where does India feature in this global hierarchy? The data positions India at 22nd place globally in terms of proven crude oil reserves. The country's reserves totaled 4,981 million barrels at the end of 2024, reflecting a growth of 132 million barrels from 2023.
While this volume is modest compared to the titans like Venezuela and Saudi Arabia, it is significant within the OECD Asia Pacific region, where India ranks just below China. This underscores the country's ongoing dependency on imports to meet its substantial energy demands, which continue to rise alongside economic growth.
The OPEC report also noted that global oil demand averaged 103.84 million barrels per day (mb/d) in 2024, an increase of 1.49 mb/d or 1.5 per cent from the previous year. This rising consumption, set against the map of concentrated reserves, continues to define the complex interplay of energy security and international relations for nations worldwide, including rapidly growing economies like India.
