This country has largest crude oil reserves in the world, not US, India, Saudi Arabia, Russia, China, Iran, Qatar, it is...

When we talk about oil-rich nations, countries like Saudi Arabia, Iran, Iraq, and Russia usually come to mind. But according to Worldometer data, Venezuela actually tops the list of countries with the largest crude oil reserves in the world. Venezuela has an estimated 303,008 million barrels of oil stored underground. However, despite having such a huge oil reserve, Venezuela’s economy is in terrible condition. Over 80% of its people live in poverty, and the country is among the top five in the world for highest inflation. This highlights a major truth — natural resources alone cannot save a country without proper governance and a stable economy.

After Venezuela, Saudi Arabia is second with around 267,230 million barrels of oil. Unlike Venezuela, Saudi Arabia has used its oil wealth wisely. It has a strong economy and is investing in tourism, technology, and infrastructure.

Iran holds the third-largest reserves with 208,600 million barrels, followed by Iraq at 145,019 million barrels. The United Arab Emirates (UAE) comes fifth with 113,000 million barrels.

Other countries in the top 10 include Canada, Kuwait, and Libya. These nations also play key roles in the global energy market.

Russia holds about 80,000 million barrels of oil and exports a large share to countries like India. The United States, with 47,730 million barrels, and China, with 27,889 million barrels, also have large reserves. But unlike oil-dependent nations, these three countries have diverse and powerful economies.

India is the world’s third-largest oil importer, after the US and China. It imports about 80% of its oil needs. Nearly 40% of this comes through the Strait of Hormuz, a route affected by Middle East tensions, especially involving Iran.

To reduce risk, India is now buying more oil from Russia and the US. According to data from Kpler, in June, India imported 2 to 2.2 million barrels per day (BPD) from Russia — the highest in two years. Oil imports from the US also rose to 439,000 BPD in June, up from 280,000 BPD in May. This marks a major shift in India’s oil policy, aiming to diversify suppliers and ensure energy security.