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Data Starter: Global crude oil reserves, 2023

Elizabeth Veal

13th January 2026

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Does Venezuela have the most of the world’s proven crude oil reserves?

Using the first chart in this Al Jazeera article, (https://www.aljazeera.com/news/2025/9/4/venezuela-has-the-worlds-most-oil-why-doesnt-it-earn-more-from-exports) answer these calculation questions:

  1. In 2023 what proportion of known world oil reserves are believed to be in Venezuela?
  2. Compare the oil reserves in the USA and Venezuela in 2023.

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Elizabeth Veal

Liz has taught Economics for over 25 years, including several years as Head of Economics at leading schools.

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