I just noticed an interesting point in the global oil policy. When talking about countries by oil reserves, everyone usually thinks of Saudi Arabia or the USA, but the reality is much more complex.

Venezuela holds approximately 303 billion barrels of oil underground — more than any other country on the planet. Nearly one-fifth of the world's proven reserves. Sounds like a golden ticket, right? But here’s the catch — most of that oil is extra-heavy, making it more expensive and difficult to extract. Plus, political instability, sanctions, and US tanker confiscations have turned Venezuela’s oil industry into ruins. Currently, the country produces less than a million barrels per day, although historically it produced much more.

Saudi Arabia, with its 267 billion barrels — a completely different story. Their oil is easily accessible, cheap to produce, and the Saudis know how to manipulate it. They effectively regulate global prices through OPEC+, acting as the “market balancer.” That’s real power.

Iran ranks third with 209 billion barrels, but sanctions have strangled its exports. Interestingly, even with global restrictions, Iran managed to reach a seven-year export maximum in 2025 — meaning it found ways to bypass restrictions. Smuggling, shadow buyers, all as usual.

Canada ranks fourth with 163 billion barrels, but almost all of this is Alberta’s oil sands — expensive and energy-intensive to extract. Canadians are more concerned about competition from Venezuela if it re-enters the market.

Iraq, the UAE, Kuwait — all control huge reserves, but each faces its own problems. Iraq suffers from instability, Russia is under sanctions. The US doesn’t rely on reserves but on shale extraction technology.

Looking at this picture, one thing is clear: oil reserves countries are not just about geology, they’re about geopolitics. Who controls extraction, who can export, who is under sanctions — all of this determines real power on the global market. Venezuela may have the most, but Saudi Arabia remains the queen. It’ll be interesting to see how this develops further.