A study on the world’s ten largest owners of proven oil reserves in 2024, shows that Iran ranks third with an estimated 208.60 billion barrels of oil reserves.

According to the World Atlas, “this immense resource base makes Iran a key player in the global oil industry, despite its challenges related to international sanctions and geopolitical tensions.”

The report also announces that the oil sector is vital for Iran’s economy, providing significant revenue through exports, primarily to Asia.

World Atlas continues: while global interest in renewable energy is rising, Iran’s oil wealth ensures it remains a major force in the energy market for the foreseeable future.

The report, published today on Vanguard News Website ranks Venezuela and Saudi Arabia as the first and second largest holders of proven oil reserves with respectively over 303.22 and 267.19 billion barrels.

Canada with an estimated 163.63 billion barrels of oil ranks fourth after Iran.

Iraq, the United Arab Emirates, Kuwait, Russia, the United States, and Libya are the fifth to tenth largest owners of proven oil reserves in the world respectively.