Global energy security and oil reserve distribution

Global energy security remains a critical strategic issue as conflicts in Ukraine and the Middle East transform oil, gas, and electrical infrastructures into military targets. Disruptions in supply routes, such as the Strait of Hormuz—which previously handled approximately 20% of global oil transit—can lead to significant market volatility and price fluctuations, impacting global inflation and economic activity.

Data from OPEC highlights the concentration of global oil reserves among a few nations. Venezuela holds the world's largest proven reserves with over 303 billion barrels, though technical and investment challenges limit its production capacity. Saudi Arabia follows with approximately 267.2 billion barrels, maintaining a central role in global market decisions. Iran ranks third with 208.6 billion barrels, while Iraq holds 145 billion barrels. The reliance on fossil fuels continues to expose states to geopolitical tensions, prompting an increasing focus on renewable energy to enhance autonomy.