5 Countries with the Largest Proven Oil Reserves in the World

1. Venezuela

Total Proven Oil Reserves in 2022: 303.221 billion barrels

Although Venezuela is the country where the world’s largest proven oil reserves are located, its government hasn’t been able to fully capitalize on its oil wealth, mainly because of the sanctions from the U.S., an ongoing economic crisis, and mismanagement. Moreover, most of Venezuela’s oil is offshore or far underground and is considered to be dense, so extracting it with the currently available technologies is not financially viable.

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