Control over the world's largest oil reserves is heavily concentrated among national state-run petroleum enterprises rather than private Western corporations. Venezuela holds the largest individual proven crude oil reserves globally, underpinned by vast heavy oil belts in the Orinoco basin. Other nations possessing immense state-controlled oil wealth include Saudi Arabia through the national oil giant Saudi Aramco, alongside major Middle Eastern producers like Iran, Iraq, and the United Arab Emirates, which collectively command a massive majority of total global petroleum resources. National oil companies operating within these sovereign territories manage production outputs, extraction quotas, and international export agreements to regulate global energy supplies.