US Action in Venezuela Sparks Oil Reserve Debate: Who Controls Global Energy?

• A US military operation in Venezuela, capturing President Nicolás Maduro, has reignited controversy over the country's vast oil reserves, which Maduro previously accused Washington of trying to seize.
• Venezuela holds the world's largest oil reserves (303 billion barrels), primarily extra-heavy crude, but US sanctions, poor infrastructure, and lack of investment limit production.
• Saudi Arabia (267-269 billion barrels) is the most powerful oil player, leading OPEC with high-quality light crude and significant production capacity.
• Other major oil reserve holders include Iran (209 billion, restricted by sanctions), Canada (163-170 billion, costly oil sands), Iraq (145 billion, limited by instability), and Russia (80-107 billion, redirected exports).
• The UAE (97-111 billion), Kuwait (101 billion), US (45-69 billion, largest producer via shale), and Libya (48 billion, largest in Africa but unstable) also play significant roles in the global energy market.

Why It Matters: Global oil market control is concentrated among nations with vast reserves, facing diverse challenges.