Venezuela now holds the largest proven crude oil reserves in the world, with an estimated 303.221 billion barrels, according to the 2025 OPEC Annual Statistical Bulletin.
This figure far exceeds the combined reserves of Africa’s nine largest oil-holding countries, which together account for about 113 billion barrels, less than half of Venezuela’s total.
The vast majority of Venezuela’s reserves lie within the Orinoco Belt, a heavy crude basin that alone represents roughly 17–18 percent of global proven oil reserves.
Business Insider AfricaDespite this enormous resource base, Venezuela’s actual oil production remains subdued, largely due to longstanding underinvestment, infrastructure challenges, and geopolitical pressures.
Output in recent years has been estimated at around 900,000–1.1 million barrels per day, a fraction of its potential and far below its historical peaks from the late 1990s.
Norvan ReportsThe contrast with Africa’s oil landscape highlights structural differences in reserves and production.
African leaders in oil endowment such as Libya and Nigeria hold significantly smaller reserves — Libya with around 48 billion barrels and Nigeria with approximately 37 billion barrels — yet continue to play key roles in continental energy supply.
Intelpoint: The gap between Venezuela’s vast underground wealth and its limited current output illustrates a broader energy paradox: resource abundance alone does not guarantee high production or market influence without stable investment, infrastructure, and access to global markets.
