The key facts

  • Venezuela ranks first in national oil reserves: 303.4 billion barrels, about 86% of Central and South America's reserves
  • Saudi Arabia is second (267.2 billion barrels) but remains the Middle East's largest producer: 9.6 million barrels per day
  • The number of oil rigs in Saudi Arabia in 2025 reached a 20-year low — investment is shifting toward natural gas production

Reserves and production do not match

An infographic by Visual Capitalist, based on the Eni World Energy Review 2026 report and data as of December 31, 2025, shows a notable gap between where the world's oil reserves are concentrated and where oil is actually produced. This is reported by Kun.uz citing materials from the report.

Venezuela has overtaken Saudi Arabia in reserves

Central and South America ranks second among regions in reserves — 354.8 billion barrels, or 19.7% of the world total. Almost 86% of this volume belongs to Venezuela, whose reserves are estimated at 303.4 billion barrels — the highest national figure in the world. Saudi Arabia, usually considered the oil leader, holds 267.2 billion barrels. However, Venezuela's production is limited: field development is complicated by the need to extract extremely heavy oil, economic problems, and insufficiently developed infrastructure.

Middle East: half of the reserves, second place in production

The Middle East remains the number one region in reserves — nearly half of the world's volumes are concentrated there. The largest of them: Saudi Arabia (267.2 billion barrels), Iran (208.6 billion), Iraq (145 billion), and the UAE (113 billion). Yet in terms of production the region ranks only second: in 2025, about 31 million barrels per day were produced there. The region's production leader is Saudi Arabia with 9.6 million barrels per day.

North America produces the most

North America ranks third in reserves — 246 billion barrels, or 13.6% of the world total — but, according to the report, it is the leader in production. Saudi Arabia's dynamics are also telling: the number of operating oil rigs in the country fell in 2025 to its lowest level in 20 years, as energy investment is increasingly shifting toward natural gas production. Thus, the picture for 2025 diverges from the conventional view: the largest reserves are in Venezuela, the highest production is in North America, and Saudi Arabia leads only within its own region.