Who Dominates Global Energy? 10 Countries with Biggest Oil & Gas Reserves

In 2025, global energy reserves remain a linchpin of economic growth and geopolitical clout. Nations endowed with vast oil reserves and natural gas reserves shape both local and international policy—whether through market alliances like OPEC or via pricing strategies that influence consumer costs worldwide. Comparing different fuels can be tricky: oil is measured in barrels, while natural gas is tallied in trillion cubic meters (TCM) or trillion cubic feet (Tcf). To unify these figures, energy analysts use barrels of oil equivalent (BOE), ensuring apples-to-apples comparisons of total hydrocarbon wealth. Below, we examine the top 10 countries by combined oil and gas reserves, leveraging data from 2023–2024 reports by the U.S. EIA, OPEC, and BP. Each entry highlights key figures in barrels of oil equivalent (BOE), plus an overview of their energy profile and role in global energy markets.

1. Iran 🇮🇷

• Combined Total (BOE): ~410–420 billion
• Proven Oil Reserves: ~208.6 billion barrels
• Proven Natural Gas Reserves: ~34 trillion cubic meters (~1,200 Tcf)

Iran ranks among countries with the most oil reserves, holding nearly 12% of global crude. Its ~34 TCM of gas makes it second worldwide behind Russia, culminating in about 410–420 billion BOE total. Despite sanctions curtailing foreign investment, Iran’s production (2.5–3.0 million bbl/day) could ramp up if sanctions ease. Much of its massive gas (South Pars field) is consumed domestically or flared. Still, the sheer size of Iran’s energy reserves means any policy shift could quickly alter global energy leaders dynamics—especially in OPEC and potential future gas exports to Asia or Europe.

2. Russia 🇷🇺

• Combined Total (BOE): ~370–380 billion
• Proven Oil Reserves: ~80 billion barrels
• Proven Natural Gas Reserves: ~47.7 TCM (~1,688 Tcf)

With ~80 billion barrels of oil and the world’s largest gas reserves (~47.7 TCM), Russia wields outsized influence. Natural gas alone accounts for roughly 290 billion BOE, reflecting its historical dominance in European energy supply. Though geopolitical events and sanctions have reshaped its export flows—particularly after the 2022 Ukraine conflict—Russia remains a top oil and gas producer, participating with OPEC+ to sway global prices. Its pivot to Asian markets and LNG expansion underscores how oil and natural gas reserves by country can shift trade routes amid international pressure, yet Russia’s global standing persists due to its vast resource base and established infrastructure.

3. Venezuela 🇻🇪

• Combined Total (BOE): ~335–340 billion
• Proven Oil Reserves: ~303 billion barrels
• Proven Natural Gas Reserves: ~5.5 TCM (~195 Tcf)

Venezuela officially has the world’s largest oil reserves (303 billion barrels) and ~5.5 TCM in gas, but its production is chronically low (<800,000 bbl/day) due to underinvestment, mismanagement, and sanctions. While it once was a major OPEC player, output has dwindled, and advanced technology is needed to exploit its extra-heavy Orinoco crude. Much of its gas is associated or flared, lacking infrastructure for large-scale exports. Nonetheless, if political constraints ease and investment returns, Venezuela’s massive reserves could again prove pivotal, reinforcing how countries with most oil and gas reserves can experience stark output contrasts when domestic conditions impede production.

4. Saudi Arabia 🇸🇦

• Combined Total (BOE): ~320–330 billion
• Proven Oil Reserves: ~267 billion barrels
• Proven Natural Gas Reserves: ~9.3–9.7 TCM (~333–341 Tcf)

Saudi Arabia’s ~267 billion barrels of proven oil—some estimates go higher—make it a top-tier global energy leader. Gas reserves (~9.3–9.7 TCM) boost the total to around 320–330 billion BOE. The kingdom’s ability to quickly raise or cut oil output (via state-owned Saudi Aramco) underpins its role as OPEC’s linchpin, directly affecting global prices. While gas is mostly used domestically, new developments (like the Jafurah shale gas field) aim to expand capacity. Low production costs, a massive export network, and a pivotal say in OPEC decisions assure Saudi Arabia’s continued influence in how oil reserves impact global markets.

5. United States 🇺🇸

• Combined Total (BOE): ~150–180 billion
• Proven Oil Reserves: ~35–70 billion barrels
• Proven Natural Gas Reserves: ~12–17.7 TCM (~450–625 Tcf)

Though the U.S. proven reserve numbers vary (due to unconventional and condensate definitions), it’s become the largest producer of both oil and natural gas, thanks to innovations in fracking. Actual proven reserves rank below the Middle East, but advanced extraction enables high output. The U.S. exports both crude and LNG, influencing prices and diminishing reliance on imports. Its free-market approach means production can respond swiftly to price shifts. Additionally, huge “technically recoverable” resources indicate potential for future growth, affirming that geopolitical influence of oil-rich countries isn’t solely about government control—market-driven dynamism also matters.

6. Canada 🇨🇦

• Combined Total (BOE): ~180–185 billion
• Proven Oil Reserves: ~163–170 billion barrels
• Proven Natural Gas Reserves: ~2.5 TCM (~87 Tcf)

Canada’s ~163–170 billion barrels of oil (mostly oil sands) constitute the globe’s third-largest proven reserves, plus ~2.5 TCM of gas. Generating ~4.4 million bbl/day, Canada is vital to North America’s energy security—most exports go to the U.S. While bitumen extraction costs are higher and face environmental criticism, these fields ensure a stable flow. Gas production, though overshadowed by oil, ranks Canada among top gas exporters. Forthcoming LNG infrastructure could expand its reach. Canada’s balanced approach—developing massive fossil resources while championing carbon-reduction policies—highlights a nuanced role among countries with the most oil and natural gas reserves.

7. Qatar 🇶🇦

• Combined Total (BOE): ~170 billion
• Proven Oil Reserves: ~25 billion barrels
• Proven Natural Gas Reserves: ~23.8 TCM (~840–850 Tcf)

Though Qatar’s oil (~25 billion barrels) is modest, its ~23.8 TCM of gas ranks it third globally, boosting its total to ~170 billion BOE. Home to the enormous North Field, Qatar is a preeminent LNG exporter, supplying Asia and Europe. After quitting OPEC in 2019, it focuses on expanding LNG capacity by ~60% over the next few years, cementing its stature in gas trade. This underscores a shift in global energy—where a small population and giant gas reserves can yield outsized influence through LNG. Qatar’s reliable supply, stable politics, and major expansions ensure it remains a key driver in natural gas reserves by country debates.

8. Iraq 🇮🇶

• Combined Total (BOE): ~167 billion
• Proven Oil Reserves: ~145 billion barrels
• Proven Natural Gas Reserves: ~3.7 TCM (~132 Tcf)

Iraq boasts ~145 billion barrels of oil—the fifth-largest globally—and ~3.7 TCM of gas. The resulting ~167 billion BOE underscores a potential for much higher production, if infrastructure and politics stabilize. Producing ~4.5 million bbl/day in 2023, Iraq is an OPEC heavyweight. Yet decades of conflict, sanction, and flaring of associated gas hamper full exploitation. Should Iraq harness its gas fields effectively (e.g., Basra Gas project), it could reduce flaring and expand domestic power generation or exports. While it currently fulfills an OPEC quota role, Iraq’s potential future ramp-up could shape Middle Eastern energy security and reserves significantly.

9. United Arab Emirates 🇦🇪

• Combined Total (BOE): ~160–165 billion
• Proven Oil Reserves: ~113 billion barrels
• Proven Natural Gas Reserves: ~8.2 TCM (~290 Tcf)

The UAE, led by Abu Dhabi’s reserves, holds ~113 billion barrels of oil and ~8.2 TCM of gas, equating to ~160–165 billion BOE. It produces around 3.2 million bbl/day, aiming to scale to 5 Mb/d in the near future. A stable OPEC member, the UAE’s moderate spare capacity and strong finances let it navigate price cycles effectively. On the gas side, domestic demand is met via expansions in sour gas and unconventional projects, with some potential for future LNG exports. Although overshadowed by Saudi Arabia’s heft, the UAE consistently influences OPEC negotiations, reflecting how mid-sized producers also steer market correction vs. crash scenarios.

10. Kuwait 🇰🇼

• Combined Total (BOE): ~112 billion
• Proven Oil Reserves: ~101.5 billion barrels
• Proven Natural Gas Reserves: ~1.8 TCM (~64 Tcf)

Kuwait’s ~101.5 billion barrels of oil (6–7% of global totals) plus ~1.8 TCM of gas yield ~112 billion BOE. Producing ~2.5–2.7 million bbl/day, Kuwait maintains low extraction costs and a stable operating environment. Though overshadowed by Saudi Arabia and Iran regionally, Kuwait’s sizable reserves guarantee a respected voice in OPEC. Gas output remains modest, pushing the country to import for peak demand. Still, Kuwait’s steady production and strong sovereign wealth highlight the consistent value of a large hydrocarbon base in fueling both national budgets and geopolitical influence of oil-rich countries.

Honorable Mentions

Nigeria, Turkmenistan, China, Libya, Kazakhstan: Each harbors notable reserves but sits just outside the top ten. Nigeria leads Africa with ~37 billion barrels of oil and ~6 TCM of gas; Turkmenistan’s ~13 TCM of gas dwarfs its oil. China’s ~28 billion barrels of oil and ~8–9 TCM of gas feed its massive domestic market. Libya (~48 billion barrels of oil) and Kazakhstan (~30 billion) also hold significant resources, though political and geographic constraints often limit production and export capacity.

Conclusion

These ten nations comprise the top countries by combined oil and gas reserves, holding immense sway over production, exports, and global energy price stability. While some, like Saudi Arabia, leverage robust infrastructure and flexible output to regulate markets, others (e.g., Venezuela, Iran) remain under sanctions or face operational hurdles that curb full potential. Meanwhile, the U.S. demonstrates how technology (fracking) and a competitive market can elevate a nation’s production beyond what reserve size alone might suggest. Ultimately, which country has the largest oil reserves or who leads in natural gas can shift with new discoveries, improved extraction techniques, and changing geopolitics. Yet the overarching message remains: in a world still reliant on hydrocarbons, these resource-heavy countries serve as key pillars of energy security, shaping both short-term supply dynamics and long-term economic strategies.

FAQ: Countries with the Most Oil and Natural Gas Reserves

1. Which country has the largest oil reserves?
Venezuela leads with ~303 billion barrels, though underinvestment and sanctions hinder actual output.

2. Who tops natural gas reserves globally?
Russia holds the most, ~47.7 trillion cubic meters, closely followed by Iran and Qatar.

3. How do huge reserves impact global markets?
High-reserve nations can influence global energy prices and supply stability, exercising leverage in OPEC+ or via LNG exports.

4. Why aren’t some countries producing more oil/gas?
Sanctions, political strife, and outdated infrastructure can limit exploitation—examples include Iran, Venezuela, and Libya.

5. How do the U.S. and Canada compare to Middle Eastern giants?
They may have fewer proven reserves but leverage cutting-edge tech (fracking in the U.S., oil sands in Canada) for robust output, shifting the energy security and reserves landscape.

6. Could new technology change these rankings?
Yes. Advances in drilling or shale extraction can boost proven reserves. However, concerns about climate change might gradually reduce reliance on fossil fuels.

7. Do large oil/gas reserves guarantee geopolitical power?
Generally, yes—resource-rich nations command greater bargaining power, though political instability can reduce that advantage.

8. Will the energy transition lessen the importance of these reserves?
In the long run, renewable energy and decarbonization could dampen demand for oil/gas. Yet for the foreseeable future, major hydrocarbon holders still wield substantial influence.