Venezuela Tops List Of World's Highest Oil Reserves: A Look At Top 15 Nations Rich In 'Black Gold'
Oil is Venezuela's main source of external revenue, with it funding over half of the country's governmental budget.
Crude oil, often referred to as black gold, has found its way into the spotlight after US strikes on Venezuela — a country which holds the world's largest oil reserves.
US President Donald Trump on Saturday announced the US carried out a large-scale strike against Venezuela, and President Nicolas Maduro, along with his wife, had been captured and flown out of the country.
Trump indicted the couple with charges of alleged "drug trafficking and narco-terrorism conspiracies" and said that they will face trial in the Southern District of New York.
Later, the Republican President claimed that US will take control of the country in the interim, until a transition could be organised. Trump said the US administration of Venezuela would include deploying US oil companies to the country.
Though, the Venezuela's Supreme Court directed Vice President Delcy Rodriguez to take charge as the Interim President shortly after Trump's announcement.
Nonetheless, Washington's claims have brought global trade and power dynamics in focus. Analysts estimate that it is highly likely that oil prices may jump given the backdrop. Therefore, with US at the helm, questions arise on how global supply of oil will be navigated and at what cost.
Here is a list of the top 15 oil rich countries of the world in terms of their oil reserves according to data from US Energy Information Administration:
Venezuela: 303.8 billion barrels
Saudi Arabia: 258.6 billion barrels
Iran: 208.6 billion barrels
Canada: 170.3 billion barrels
Iraq: 145 billion barrels
Kuwait: 101.5 billion barrels
UAE: 97.8 billion barrels
Russia: 80 billion barrels
Libya: 48.3 billion barrels
US: 47.1 billion barrels
Nigeria: 36.8 billion barrels
Kazakhstan: 30 billion barrels
China: 26 billion barrels
Qatar: 25.2 billion barrels
Brazil: 12.7 billion barrels
United States' pattern of 'emancipating' countries with large oil reserves from 'corrupt governments' is far from unfamiliar. US interventions have previously been made in Iraq, Iran, Libya, and others under the same banner and all of them happen to be oil surplus nations. Venezuelan authorities had claimed that the move was a part of the US efforts to seize control over the country's oil reserves.
A BBC report highlighted that Venezuela was not named in the DEA's 2025 National Drug Threat Assessment as a Fentanyl originator. Oil is Venezuela's main source of external revenue, with it funding over half of the country's governmental budget.
