Oil is one of the strategically significant resources in the world. It is the backbone of the modern world. It plays a crucial role in the global economy as well as the domestic economies of every country.
It has a very high influence in the world’s geopolitics as it powers the global energy systems, drives international trades and shapes the geopolitics of the world.
According to OPEC 2025 annual statistical bulletin global oil demand reached an average of 103.84 million barrels per day in 2024.
If we observe the largest crude oil reserves in the world, we will find Venezuela holds the world’s largest oil reserves with 303,221 billion barrels. It is nearly 1/5th of all global oil reserves.
And if we see India’s position in the ranking, it ranked 22nd globally. India’s proven crude oil reserves totalled 4,981 million barrels. It’s a modest number compared to the global leaders such as Venezuela, Saudi Arabia, and Iran.
Hence India is heavily dependent on crude oil imports from other countries likeRussia, Iraq, Saudi Arabia, and the UAE. India’s crude oil import ranges between 85% to 90%, making India third largest crude oil importer and consumer after China and the United States.
If we analyse the position of Venezuela, we will find, despite production challenges such as poor infrastructure and low capacity, Venezuela is leading in the global ranking in crude oil reserves. It is playing a significant role in ensuring global energy security.
However, the Middle East dominates the oil landscape with OPEC member countries controlling approximately 79.1% of the world’s proven reserves. The main key nations include Saudi Arabia, Iran, Iraq Kuwait, UAE and Qatar. The region’s reserves gives it an extra-edge in geopolitical and economic influence, ultimately reinforcing its role as a key energy supplier.
Russia and the United States, both are major holders of proven crude reserves. These countries maintain significant influence over global oil markets, balancing OPEC’s dominance and ensuring supply stability worldwide.
The world’s oil reserves are highly concentrated with a handful of countries that allow them to control the majority of the resource. As the global demand is continuously rising, the distribution of these resources will continue to shape energy security, international trade and geopolitical strategies.
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