Oil reserves from region to region Most of the black gold - almost half of the world's reserves - is found in the Middle East. Next comes Central and South America with its undisputed leader, Venezuela. Then there is: North America, Russia and Central Asia, Africa, Asia-Pacific region. Europe is the last. source.

Oil reserves from region to region Most of the black gold - almost half of the world's reserves - is found in the Middle East. Next comes Central and South America with its undisputed leader, Venezuela. Then there is: North America, Russia and Central Asia, Africa, Asia-Pacific region. Europe is the last. source.