"Estimated at 303 billion barrels (Bbbl) as of 2023, Venezuela is home to the largest known reserves of oil. Saudi Arabia ranks second with 267.2 Bbbl, followed by Iran at 208.6 Bbbl and Canada at 163.6 Bbbl. Together, these four countries account for more than half of global oil reserves. The United States, by comparison, holds about 55 Bbbl, placing it ninth globally. This means that Venezuela's reserves are more than five times larger than those of the US."
"Venezuela's oil reserves are concentrated primarily in the Orinoco Belt, a vast region in the eastern part of the country stretching across roughly 55,000 square kilometres (21,235sq miles). The Orinoco Belt holds extra-heavy crude oil, which is highly viscous and dense, making it much harder and more expensive to extract than conventional crude. Producing oil from this region requires advanced techniques, such as steam injection and blending with lighter crudes to make it marketable."
Venezuela possesses roughly 303 billion barrels of proven oil reserves, the largest known worldwide. Saudi Arabia, Iran and Canada follow with 267.2, 208.6 and 163.6 billion barrels respectively, and together those four countries hold over half of global reserves. Total proven global oil reserves are about 1.73 trillion barrels. The United States holds about 55 billion barrels, ranking ninth. Venezuela's reserves are largely concentrated in the Orinoco Belt, which contains extra-heavy, viscous crude that is more difficult and costly to extract. Extraction requires advanced techniques like steam injection and blending with lighter crudes. Because of density and sulphur content, the crude often sells at a discount. Oil production is dominated by PDV
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