Global crude oil reserves share by country 1960-2022
The regional distribution shifts
The Middle East and Latin America are home to the two countries with the highest proven oil reserves worldwide - Venezuela and Saudi Arabia.Venezuela and Saudi Arabia are also among the founding members of OPEC, an organization currently comprised of 13 countries that produce around 40 percent of total crude oil globally. In 2009, Venezuela confirmed significant oil discoveries, and in the span of just a few years, Central and South American proved oil reserves rose from less than 20 to around 48 billion metric tons. Venezuela announced in 2011 that its proven oil reserves had surpassed Saudi Arabia as the largest in the world. Most of these reserves are in the form of oil sands and other very heavy oil types.