Venezuela's Oil Reserves are Large, but its Exports are Small

Adi Ahdiat 05/01/2026 12:37 WIB

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Venezuela is the country with the largest global oil reserves in 2024. However, crude oil exports from Venezuela are relatively small compared to Russia, the United States, and Canada.

Top 25 Countries by Global Crude Oil Export Value (2024)*

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Top 25 Countries by Global Crude Oil Export Value (2024)*

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Venezuela, a country located in South America, is the country with the largest oil reserves in the world.

According to OPEC data, Venezuela had proven crude oil reserves of 303.22 billion barrels in 2024, equivalent to 19% of total global reserves.

Despite its enormous reserves, Venezuela's role in global oil trade is relatively small.

According to Trade Map data, Venezuela exported crude oil (HS code 2709) worth US$9.85 billion in 2024.

This figure represents only 0.9% of the total value of global crude oil exports, making Venezuela the 22nd largest oil exporter in the world.

In 2024, Venezuela was also recorded as exporting oil to only six countries: the United States, India, Spain, China, Italy, and Poland.

On the other hand, countries that play a significant role in global oil trade are Russia, the United States, Canada, Iraq, the United Arab Emirates, Norway, Brazil, Kazakhstan, Nigeria, and Kuwait.

Combined, these 10 countries accounted for 71% of the total value of global crude oil exports in 2024.

Below are the details of the export value shares of the 10 largest global crude oil suppliers in 2024:

Russia: 11.8% (of total global crude oil export value)
United States: 11.4%
Canada: 10.4%
Iraq: 9.5%
United Arab Emirates: 7.6%
Norway: 4.8%
Brazil: 4.3%
Kazakhstan: 4.1%
Nigeria: 3.7%
Kuwait: 3.4%

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."