Venezuela’s oil industry has begun a cautious recovery after nearly a decade of steep decline, but production levels remain far below their former peak.

The world’s oil wealth is highly concentrated as a relatively small group of countries controls the majority of known crude resources, shaping energy markets, geopolitics and long-term economic planning far beyond their borders.

China and the United States were reportedly the largest importers of Venezuelan crude in 2024.

Venezuela leads the world in proven oil reserves in 2025 with an astonishing 303 billion barrels, followed closely by Saudi Arabia at 267 billion barrels, with Iran securing third place at 209 billion barrels.

Oil remains the world’s most strategic commodity, and demand is heavily skewed toward a handful of nations. In 2025, the United States still tops the league, burning roughly 7.30 billion barrels of oil a year, while China comes in second at 5.53 billion barrels.