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.
