5 Largest Oil Reserves by Country in the World in 2021

1. Venezuela

Total oil reserves of the country at the end of 2019 (in thousand million barrels): 303.8

Share of total oil reserves in the world at the end of 2019 (in percentage terms): 17.5

Topping the list of the largest oil reserves by country in 2021 is of course Venezuela. And there could be no greater contrast between our number one and number two entries. While Saudi Arabia is an extremely rich country with a high GDP per capita and its rulers are richer than many countries, Venezuela has suffered a major economic crisis over the previous years, despite being among the biggest exports of oil, due to poor policies by the government which have led to hyperinflation and shortage of basic goods, in addition to unemployment. The state owned PDVSA is the biggest oil company in Venezuela with more than 70,000 employees.

See also: 15 Biggest Oil Companies In The World and 15 Biggest Power Companies in the World