5 Countries with the Largest Proven Oil Reserves in the World

2. Saudi Arabia

Total Proven Oil Reserves in 2022: 267.192 billion barrels

Saudi Arabia is home to around 17% of the world’s proven petroleum reserves. Owned and operated by Saudi Aramco, the country holds the world’s largest conventional onshore oil field (Ghawar), as well as the largest conventional offshore field in the world (Safaniah).

Saudi Aramco boasted a massive revenue of $535.2 billion in 2022, up 49% from 2021. The state-owned oil producer also registered a profit of $161 billion the same year, the largest annual profit ever recorded by an oil and gas company, fuelled by soaring energy prices and rising global demand. The company is planning to continue to invest to increase its maximum potential production capacity to 13 million b/d by 2027.

Saudi Aramco is the Largest Oil Company by Production in the World.