Previous Year Question

Venezuela possesses the world's largest proven crude oil reserves. A major share of its enormous petroleum resources is concentrated in the Orinoco Oil Belt. Much of the crude found there is heavy and extra-heavy oil, which can require more complex extraction, transportation and refining processes than conventional light crude.

Although this question dates from 2012, the answer remains the same today. According to published data for the end of 2024, Venezuela had approximately 303.2 billion barrels of proven crude oil reserves. In comparison, Saudi Arabia had about 267.2 billion barrels, Iran about 208.6 billion barrels, and Iraq about 145.0 billion barrels.

It is important to distinguish between oil reserves and oil production. A country having the largest proven reserves does not necessarily mean that it also produces the largest amount of crude oil. Production is influenced by factors such as infrastructure, investment, extraction cost, technology, sanctions and market conditions.