🛢️ Where the world’s oil really is

OPEC countries continue to dominate the global reserve landscape — and their economic reliance on “black gold” gives them strong incentives to slow the transition toward green energy. Oil still accounts for the bulk of state revenue in many of these economies.

Venezuela and Saudi Arabia top the list, holding the largest shares of proven reserves. Iran, Iraq and Kuwait complete the Middle East’s strategic advantage, reflecting a concentration of resources that shapes regional power dynamics.

But production tells a different story. The United States, with just 4% of global reserves, remains the world’s largest oil producer — a reminder that politics matter as much as reserves.