Global proved oil reserves breakdown by country 1992-2020

The Middle East accounts for the greatest share of proved oil reserves of any region in the world. As of 2020, the Middle East housed 48.3 percent of known oil reserves. This was followed by Central and South America. The Middle East and South America are home to the two countries with the highest proven oil reserves worldwide: Venezuela and Saudi Arabia.

The regional distribution shifts

In the past three decades, the Middle East’s share of global oil reserves dropped from over 60 percent in 1992 to 48.3 percent in 2020. This was mainly due to greater reserves discovered in the Americas. By 2012, Central and South America’s share had more than doubled and has remained just under 20 percent in the years since.

Oil reserves in Venezuela

Venezuela and Saudi Arabia are among the founding members of OPEC, an organization currently comprised of 13 countries that produce around 40 percent of total crude oil globally. In 2009, Venezuela confirmed significant oil discoveries, and in the span of just a few years, Central and South American proved oil reserves rose from less than 20 to around 48 billion metric tons. Venezuela announced in 2011 that its proven oil reserves had surpassed Saudi Arabia as the largest in the world. Most of these reserves are in the form of oil sands and other very heavy oil types.