# Crude oil: Stocks

Why Venezuela's tar-like oil tops the reserve tables

Source page: https://www.materialinsights.org/energy/crude_oil/stocks/

Why Venezuela's tar-like oil tops the reserve tables What this tab covers How much is left and how much is held. For minerals and energy: reserves, current output, years of supply and recycling for the top five countries. For farm commodities: production, ending stocks and stocks-to-use for the top five producers (USDA, October 2026). It also covers inventories and stockpiles.

#### Top five countries: reserves, output and years of supply

| Country | Reserves billion barrels proved reserves (end-2020) | Current output million barrels produced (2024, crude, condensate and NGLs) | Years of supply | Recycling |
|---|---|---|---|---|
| **Venezuela** | 304 | 350 | 867 | n/a |
| **Saudi Arabia** | 298 | 3,962 | 75 | n/a |
| **Canada** | 168 | 2,149 | 78 | n/a |
| **Iran** | 158 | 1,848 | 85 | n/a |
| **Iraq** | 145 | 1,605 | 90 | n/a |

 Energy Institute Statistical Review of World Energy 2025 (proved reserves at end-2020, not updated since; oil production in barrels 2024). Years = reserves / 2024 output.. Years of supply = reserves ÷ current output; reserves grow as prices and technology change, so this is not a countdown.

#### Recycling

Oil is burned, so there is no end-of-life recycling of fuel; only used lubricants are re-refined, a tiny share of demand. The buffer is stocks, not scrap. IEA members must hold stocks equal to 90 days of net imports, and in March 2026 they agreed the largest ever collective release, 400 million barrels, after the Hormuz closure (IEA via OGJ, July 2026). China holds about 1.4 billion barrels of strategic stocks (Brookings, June 2026). India's strategic caverns at Visakhapatnam, Mangaluru and Padur hold 5.33 Mt, under 10 days of imports (ISPRL). World proved reserves were 1,732 billion barrels at end-2020, about 49 years of 2024 output; India held 4.5 billion barrels, about 17 years (Energy Institute).

Proved reserves were 1,732 billion barrels at end-2020, about 54 years of that year's output (Energy Institute). Venezuela (304 billion, mostly Orinoco heavy oil), Saudi Arabia (298) and Canada (168, mainly oil sands) lead, and OPEC holds 70%. Reserves are an economic category that grows with prices and technology: they stood at 1,301 billion barrels in 2000, despite two decades of pumping since. Oil is burned, so there is no in-use stock to recycle. Inventories matter instead: commercial tanks, floating storage and government strategic reserves that IEA members must hold against emergencies.

## Other sections

- [Summary](https://www.materialinsights.org/energy/crude_oil/index.md)
- [Energy overview](https://www.materialinsights.org/energy/crude_oil/energy/index.md)
- [Correlation](https://www.materialinsights.org/energy/crude_oil/correlation/index.md)
- [How energy resides](https://www.materialinsights.org/energy/crude_oil/resides/index.md)
- [Abundance](https://www.materialinsights.org/energy/crude_oil/abundance/index.md)
- [Fluctuation in time](https://www.materialinsights.org/energy/crude_oil/time/index.md)
- [Across the Earth](https://www.materialinsights.org/energy/crude_oil/geography/index.md)
- [Impact on nature](https://www.materialinsights.org/energy/crude_oil/nature/index.md)
- [Overview](https://www.materialinsights.org/energy/crude_oil/overview/index.md)
- [Extraction](https://www.materialinsights.org/energy/crude_oil/extraction/index.md)
- [Production](https://www.materialinsights.org/energy/crude_oil/production/index.md)
- [Cycles](https://www.materialinsights.org/energy/crude_oil/cycles/index.md)
- [Trading](https://www.materialinsights.org/energy/crude_oil/trading/index.md)
- [Movement](https://www.materialinsights.org/energy/crude_oil/movement/index.md)
- [Criticality](https://www.materialinsights.org/energy/crude_oil/criticality/index.md)
- [Characteristics](https://www.materialinsights.org/energy/crude_oil/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/energy/crude_oil/emissions/index.md)
- [Relationships](https://www.materialinsights.org/energy/crude_oil/links/index.md)