The world’s largest oil-producing countries show a striking contrast between how much oil they have underground and how much money they actually make from exports.
While Venezuela holds the world’s biggest proven reserves — over 300 billion barrels — its export revenues remain far below its potential due to years of economic collapse, sanctions, and failing infrastructure.
Saudi Arabia, on the other hand, demonstrates the opposite pattern: with slightly lower reserves than Venezuela, it generates massive export revenues, thanks to stable production, advanced facilities, and strong global demand for its crude.
Iran and Iraq also possess huge reserves, but their export capacity is limited by geopolitical tensions and infrastructure challenges.
Countries like Canada, the UAE, and Kuwait have smaller reserves compared to the top giants, yet maintain strong and steady export revenues due to effective production, investment, and stable markets.
Meanwhile, the United States, despite being one of the world’s biggest producers, has relatively modest proven reserves because it relies heavily on high-tech extraction of shale oil, which declines quickly.
Overall, the chart highlights an important insight:
Having oil is one thing — being able to extract, refine, and export it efficiently is another.
