BAKU, Azerbaijan, November 2. In the region of Russia and Central Asia, Azerbaijan ranks third for the volume of oil reserves as of December 31, 2025, Italian Eni said in its latest report.
Eni estimates that during the reporting period, Azerbaijan’s oil reserves stood at 6.950 billion barrels, unchanged since 2015. Russia comes first in the region with 107.799 billion barrels, followed by Kazakhstan with 29.799 billion barrels.
According to the company, globally, top 3 countries in terms of the 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," said Eni.
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," said Eni.
As regards production, the report reveals that output increased by 3.1 Mb/d year-on-year in 2025, reaching 100.4 Mb/d, excluding biofuels and processing gains. Positive contributions came from both non-OPEC countries (+1.8 Mb/d), particularly the United States (+0.8 Mb/d), and OPEC (+1.3 Mb/d), following the completion of the planned unwinding the production cuts agreed in 2024.
