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Venezuela accounts for the greatest share of global oil reserves. As of 2024,  percent of all known oil reserves were found in the South American country. Saudi Arabia followed, at some ** percent. The majority of Venezuela's oil reserves are held in the form of oil sands and other very heavy oil types that have only become accessible through technological advances made in the late 2000s and early 2010s. 

OPEC reserves

Most of the leading oil reserves-holding countries are members of OPEC, the Organization of the Petroleum Exporting Countries, founded in 1960. Now comprised of 13 member states, OPEC's share of global crude oil reserves is around ** percent. Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding around **** of the global share.

Oil sands contribute to growing reserves

As one of the five founding members of OPEC, Venezuela has long been an oil-producing country with heavy economic reliance on oil exports. However, in 2011, Venezuela’s energy and oil ministry announced an unprecedented increase in proved oil reserves as oil sands in the Orinoco Belt territory were certified. As a result, South and Central America’s proven oil reserves more than ** between 2008 and 2011.