BAKU, Azerbaijan, November 3. Kazakhstan ranked
second among countries in Russia and Central Asia in terms of
proven oil reserves as of December 31, 2025, according to the
latest report by Italian energy company Eni.
Eni estimates that during the reporting period, Kazakhstan’s oil
reserves stood at 29.799 billion barrels, unchanged since 2015.
Russia comes first in the region with 107.799 billion barrels.
According to the company, globally, the top 3 countries in terms
of oil reserve volume are Venezuela with 303.701 billion barrels as
of December 31, 2025, Saudi Arabia with 267.200 billion barrels,
followed by Iran, which holds 208.600 billion barrels.
"In 2025, the oil market continued to be dominated by
uncertainty and volatility, mainly driven by escalating
geopolitical tensions that significantly influenced market
dynamics. The Brent price averaged $69.1/b for the year, down 14%
compared with 2024, affected by U.S. trade policies and the
progressive unwinding of OPEC+ production cuts. Tensions between
Israel and Iran generated volatility and upward price spikes in
June, without, however, reversing the downward trend. In the second
half of the year, growing concerns over an expected market surplus
weighed on prices, although the geopolitical environment remained a
key source of uncertainty", Eni said.
The company notes that at the end of 2025, global proved oil
reserves exceeded 1.790 trillion barrels, an increase of 0.4%
year-on-year.
"Venezuela, Saudi Arabia and Iran continued to hold more than
40% of global reserves. The global reserves-to-production (R/P)
ratio fell from 50.2 to 48.9 years, as production growth outpaced
reserve additions", Eni said.
