According to leading energy data sources, here are the global leaders in proven crude oil reserves:

Rank Country Proven Reserves (billion barrels)

1 Venezuela 303
2 Saudi Arabia 267
3 Iran 209
4 Canada 168
5 Iraq 145
6 United Arab Emirates 113
7 Kuwait 101.5
8 Russia 80
9 United States 68.8
10 Libya 48.4

1. Venezuela (303 billion barrels)

This South American country leads the world due to vast heavy crude deposits in the Orinoco Belt. Despite record reserves, production remains low (742 kb/d in 2023), hindered by sanctions, ageing infrastructure, and political turmoil

2. Saudi Arabia (267 billion barrels)

Saudi Arabia boasts some of the most accessible and low-cost barrels globally. It continues to be a linchpin in oil markets through Saudi Aramco and OPEC influence.

3. Iran (209 billion barrels)

It holds significant reserves, though international sanctions limit full exploitation. It is a key player in both regional dynamics and oil geopolitics.

4. Canada (168 billion barrels)

Most reserves are in Alberta’s oil sands (>95%). The country’s high-cost extraction is balanced by US import ties and investment.

5. Iraq (145 billion barrels)

Iraq is a cornerstone of Middle Eastern oil, with reserves fueling significant exports. Its performance is occasionally impacted by regional instability.

6. United Arab Emirates (113 billion barrels)

The United Arab Emirates’ reserves are centered in Abu Dhabi and managed by state-owned oil company ADNOC. The UAE is however aggressively diversifying into tourism, finance and renewables.

7. Kuwait (101.5 billion barrels)

Around 70% of Kuwait’s reserves lie in the super-giant Burgan Field. The Middle Eastern nation has heavy investment in refining and petrochemical infrastructure (e.g., Al Zour).

8. Russia (80 billion barrels)

Russia’s reserves are largely in Siberia and Arctic zones. It is a key OPEC+ partner and production remains pivotal despite Western sanctions.

9. United States (68.8 billion barrels)

Ranked ninth globally, the United State’s substantial shale reserves is pushing production to record highs. The US leads world oil output (13.2 mb/d), according to data from April 2025.

10. Libya (48.4 billion barrels)

Libya has Africa’s largest reserves and it is concentrated in the Sirte Basin. Output is hampered by political instability but the reserves remain high in 2025

The top 10 countries account for a major share of the world’s proven reserves. Countries such as Saudi Arabia, UAE, Kuwait, US and Russia have conventional light crude while the likes of Venezuela and Canada have heavy or oil-sands crude, impacting production costs and market accessibility.

MTN Group and Airtel Africa have entered into agreements to share network infrastructure in Uganda and Nigeria.

The deal is borne out of the desire to extend digital and financial inclusion across Africa, a statement dated March 25 on MTN’s website said.
These sharing agreements target improved network cost efficiencies, expanded coverage and the provision of enhanced mobile services to millions of customers, particularly those in remote and rural areas who do not yet fully enjoy the benefits of a modern connected life.
MTN Group President and Chief Executive Officer Ralph Mupita said operators on the continent were seeing sustained demand for data services: “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress. We continue to see strong structural demand for digital and financial services across our markets. To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers. That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”

Airtel Africa Chief Executive Officer Sunil Taldar said: “As we compete fiercely in the market on the strength of our brand, services and our offerings we are building common infrastructure, within the permissible regulatory framework, to provide a more robust and extensive digital highway to drive digital and financial inclusion at the same time avoiding duplication of expensive infrastructure to drive operational efficiencies and benefits for our customers.”

The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively. The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.

The statement noted that following the conclusion of agreements in Uganda and Nigeria, MTN and Airtel Africa are exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia. Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.

“MTN Group and Airtel Africa are dedicated to working with other mobile operators within the countries in which they have a presence to achieve the advantages of network sharing. Throughout this process, the parties will continue to function as independent market entities and will compete freely in shared markets. This engagement does not preclude the parties from collaborating with other operators in any respective market,” the statement added.

The Nigeria Customs Service (NCS) yesterday announced the exemption of raw materials for the production of healthcare products in the country from both duties and Value Added Tax (VAT).

Customs Spokesman, Abdullahi Maiwada (AC), in a statement, said that the move was in line with President Bola Tinubu’s Executive Order, aimed at driving down prices of such projects
He said: “The Nigeria Customs Service (NCS) is pleased to announce that His Excellency, President Bola Ahmed Tinubu GCFR, through the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, has approved the comprehensive guidelines to actualise these objectives.

“Consequently, critical raw materials essential for the production of pharmaceutical products will be exempted from import duty and Value Added Tax (VAT) for a period of two years.

“This exemption covers Active Pharmaceutical Ingredients (APIs), excipients, and other vital raw materials required for manufacturing essential medicines, Long-Lasting Insecticidal Nets (LLINs), Rapid Diagnostic Kits, reagents, and packaging materials.”

The NCS disclosed that the exemption would be for a period of two years and limited to only manufacturers recognised by the Federal Ministry of Health.

According to the statement, “To ensure that these fiscal incentives are fully utilised, eligibility is limited to manufacturers of pharmaceutical products recognised by the Federal Ministry of Health and Social Welfare, provided they possess a valid Tax Identification Number (TIN).

“This measure ensures that the benefits directly support legitimate manufacturers committed to strengthening Nigeria’s healthcare infrastructure.”

In commitment to transparency and effective monitoring, the NCS promised to compile quarterly reports detailing all importations under this policy, including data on importers, quantities, and values of the imported items, ensuring the policy’s implementation aligns with its intended objectives.