Amid the ongoing joint US-Israeli attacks on Iran, which are significantly affecting global crude oil prices, some countries remain well equipped with large reserves to cushion themselves during difficult times.

Oil has long been one of the world’s most powerful economic assets, shaping government budgets, foreign policy and development paths across continents.

In the first week of March 2026, oil prices surged, breaching $80 per barrel for the first time since 2024.

Even as the global conversation increasingly emphasises energy transition, oil continues to play a vital role in Africa’s growth story, providing revenue, jobs and geopolitical leverage.

Here are the top five countries with the largest crude oil reserves in the world:

US-Israel-Iran Conflict: Brent crude oil price rises to $80 per barrel

1. Venezuela - 303 billion barrels

Venezuela continues to rank at the top of global crude oil reserve charts, with an estimated 303 billion barrels of proven oil reserves, making it the largest holder of recoverable crude in the world.

These reserves alone account for roughly 17% of the world’s total proven crude oil resources.

2. Saudi Arabia - 267 billion barrels

Saudi Arabia’s reserves represent the volume of oil that is reasonably certain to be recoverable using current technology and under existing economic conditions.

This volume accounts for about 15-17% of global proven oil reserves, a very large share for a single country.

3. Iran - 208 billion barrels

These reserves represent about 12% of the world’s total proven oil reserves.

Iran remains a significant oil producer, typically pumping around 3-3.5 million barrels per day (bpd) of crude, making it one of the larger producers within OPEC despite sanctions and export constraints.

4. Canada - 163 billion barrels

Canada’s vast oil sands make it a major player in global energy markets, although production is more capital- and energy-intensive compared with conventional crude.

Canada remains a key supplier to the United States and other international markets, contributing significantly to North American energy security.

5. Iraq - 145 billion barrels

Most of Iraq’s oil is concentrated in the southern and northern oil fields, including super-giant sites such as Rumaila, West Qurna and Kirkuk.

The country’s vast reserves place it just behind Canada and ahead of the United Arab Emirates in global rankings.

SP/MA

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