Where all the oil is: reserves by country, who produces it, who buys it
About 1,572 billion barrels of proved reserves, and about 1,194 barrels pumped every second.
EIA's 2024 world production of petroleum and other liquids was 103,164 thousand barrels a day, so about 1,194 barrels a second (103,164,470 ÷ 86,400). Consumption was 103,110 thousand a day. "Petroleum and other liquids" includes crude oil, natural gas liquids, biofuels and refinery gain, so it is larger than crude oil alone (81,958 thousand a day). The counters are a 2024 daily average projected forward, not live production. The dollar line uses the 2025 average Brent spot price, not a live price. 2 3
Who holds the reserves
Proved reserves are oil that is known to exist and can be recovered under current technology and prices. OPEC's 2026 bulletin counts 1,572.5 billion barrels worldwide at the end of 2025. Here is who holds them, one square per 10 billion barrels.
Proved crude oil reserves by holder, end of 2025
1 square = 10 billion barrels (10,000 million). 174 squares in all. Rounded to the nearest square; exact figures in the table. Hatched squares are estimates.
| Holder | billion barrels | Share | Squares |
|---|---|---|---|
| Venezuela1 | 303.7 billion barrels | 17.5% | 30 |
| Saudi Arabia1 | 267.2 billion barrels | 15.4% | 27 |
| Canada oil sands (NRCan, not in OPEC's table) other source5 | 166.3 billion barrels | 9.6% | 17 |
| Iran1 | 208.6 billion barrels | 12.0% | 21 |
| Iraq1 | 140.0 billion barrels | 8.1% | 14 |
| United Arab Emirates1 | 120.0 billion barrels | 6.9% | 12 |
| Kuwait1 | 101.5 billion barrels | 5.8% | 10 |
| Russia1 | 80.0 billion barrels | 4.6% | 8 |
| All other countries (OPEC's world total less the seven above)1 | 351.5 billion barrels | 20.2% | 35 |
| Total shown (OPEC world total + Canada oil sands) | 1,738.8 billion barrels | 100% | 174 |
The seven named countries hold 1,221.0 billion barrels (OPEC ASB Table 3.1). OPEC's table counts Canada's conventional oil (5.1 billion) but leaves out its oil sands. Natural Resources Canada puts oil-sands reserves at 166.3 billion barrels, so that block is added from NRCan and hatched because it is from a different source and basis. Shares are of the combined total (derived). Reserve figures are estimates by nature and get revised. 1 5
Proved reserves by country
Proved crude oil reserves, end of 2025 (barrels)1
OPEC ASB 2026, Table 3.1. World total 1,572,459 million barrels, of which OPEC members hold 1,243,485 (79.1%, derived). "All other countries" = 94,420 million (world total less the listed countries). Canada's oil sands (166.3 billion barrels per NRCan) are not in OPEC's table. China's figure rose from 28,182 to 34,472 million barrels in the 2025 edition. 1 5
Who produces it, who burns it
The world made 103.2 million barrels a day in 2024 and used 103.1 million. Figures are EIA's "petroleum and other liquids", which includes natural gas liquids and biofuels. 2
Production, 2024 (barrels per day)2
Consumption, 2024 (barrels per day)2
Producers and consumers side by side, 2024 (barrels per day)2
| Country | All liquids produced | Crude oil incl. lease condensate | Consumed | Produced − consumed |
|---|---|---|---|---|
| United States | 22,876,606 | 13,266,821 | 20,463,720 | +2,412,885 |
| Saudi Arabia | 10,871,536 | 9,208,667 | 3,695,113 | +7,176,422 |
| Russia | 10,533,244 | 9,891,875 | 3,801,859 | +6,731,384 |
| Canada | 5,996,888 | 4,776,393 | 2,517,880 | +3,479,008 |
| China | 5,334,336 | 4,234,027 | 16,370,536 | -11,036,200 |
| Iran | 4,626,733 | 3,946,525 | 1,998,961 | +2,627,772 |
| Iraq | 4,568,092 | 4,458,705 | 1,065,349 | +3,502,744 |
| Brazil | 4,277,066 | 3,356,467 | 3,268,781 | +1,008,285 |
| United Arab Emirates | 4,242,753 | 3,674,869 | 879,804 | +3,362,949 |
| Kuwait | 2,770,602 | 2,549,180 | 438,020 | +2,332,583 |
| India | 938,642 | 589,974 | 5,598,890 | -4,660,248 |
| Germany | 182,183 | 28,724 | 2,040,369 | -1,858,186 |
| South Korea | 113,246 | 0 | 2,541,781 | -2,428,535 |
| Japan | 102,252 | 3,172 | 3,162,893 | -3,060,642 |
The last column is derived (produced minus consumed); a negative number means the country uses more than it makes. EIA reports 2025 consumption for OECD countries only, so 2024 is the latest year with every country. 2
Who sells it, who buys it
Crude oil only, 2025, from OPEC's bulletin. Exports and imports differ slightly because of reporting gaps. 1
How it trades
Spot prices are what a barrel sold for on the day, free from the EIA. These are history, not a forecast. 3
Annual average spot price, US$ per barrel3
| Year | WTI (Cushing, OK) | Brent (Europe) |
|---|---|---|
| 2025 | $65.39 | $69.14 |
| 2024 | $76.63 | $80.52 |
| 2023 | $77.58 | $82.49 |
| 2022 | $94.90 | $100.93 |
| 2021 | $68.13 | $70.86 |
| 2020 | $39.16 | $41.96 |
| 2019 | $57.00 | $64.30 |
| 2018 | $65.23 | $71.34 |
| 2017 | $50.80 | $54.13 |
| 2016 | $43.29 | $43.64 |
| 2015 | $48.66 | $52.32 |
EIA spot price FOB, annual averages. WTI is the US benchmark; Brent is the international one. 3
US Strategic Petroleum Reserve
The US government stores crude oil in underground salt caverns on the Gulf Coast. On the week of 2026-10-16 it held 282.7M barrels. 4
SPR stocks at the last weekly reading of each year (million barrels)4
| Year | Stocks | Week |
|---|---|---|
| 1990 | 585.7M | 1990-12-28 |
| 2000 | 541.2M | 2000-12-29 |
| 2005 | 684.6M | 2005-12-30 |
| 2010 | 726.5M | 2010-12-31 |
| 2015 | 695.1M | 2015-12-25 |
| 2020 | 638.1M | 2020-12-25 |
| 2021 | 593.7M | 2021-12-31 |
| 2022 | 372.4M | 2022-12-30 |
| 2023 | 354.4M | 2023-12-29 |
| 2024 | 393.6M | 2024-12-27 |
| 2025 | 413.2M | 2025-12-26 |
| Latest | 282.7M | 2026-10-16 |
EIA weekly ending stocks of crude oil in the SPR. The series starts 1982-08-20 at 270.5M. The last earlier week with stocks at or below today's level was 1982-10-15, so this is the lowest level since then (derived from the series). 4
Timeline
Milestones from the official series on this page.
- 1982-08EIA's SPR series begins at 270.5M barrels.4US Gulf Coast salt caverns
- 2010-01SPR stocks reach 726.6M barrels, the peak of EIA's weekly series.4
- 2020WTI averages $39.16 a barrel and Brent $41.96, the lowest annual averages in the 2015 to 2025 table.3
- 2022Brent averages $100.93 a barrel, the highest annual average in the 2015 to 2025 table.3
- 2024The United States produces 22.9 million barrels a day of petroleum and other liquids, the most of any country, ahead of Saudi Arabia (10.9M) and Russia (10.5M).2
- 2025OPEC counts 1,572.5 billion barrels of proved crude oil reserves worldwide; Venezuela (303.7B) and Saudi Arabia (267.2B) hold the most.1
- 2026-10SPR stocks stand at 282.7M barrels.4
Sources
- OPEC Annual Statistical Bulletin 2026 (61st edition): Table 3.1 world proven crude oil reserves, Table 5.2 crude exports, Table 5.6 crude imports
- U.S. Energy Information Administration, International Energy Statistics (open data API v2): 2024 production and consumption of petroleum and other liquids, and crude oil incl. lease condensate
- EIA spot prices: Cushing OK WTI and Europe Brent, annual and monthly averages (through Sep 2026)
- EIA weekly U.S. ending stocks of crude oil in the Strategic Petroleum Reserve (WCSSTUS1), through the week of Oct 16, 2026
- Natural Resources Canada: Oil Resources (171.0 billion barrels proven; 166.3 billion in Alberta's oil sands, 4.7 billion conventional, offshore and tight)
- EIA Open Data API v2 documentation
Figures are as published by each source on the dates shown. Derived numbers say so and show their math.