1. Venezuela – proven oil reserves (barrels): 297.7 billion. The country remains heavily dependent on
revenues from oil sales, which account for approximately 96% of export earnings, about 40% of
government revenues and 11% of GDP.
2.. Saudi Arabia – oil reserves (barrels): 268.4 billion. The country was the largest player in the oil market
last year. Last November, Saudi Arabia, like other OPEC member countries, refused to cut oil production
quotas after oil prices began to decline.
3. Canada – oil reserves (barrels): 173.2 billion. Canada exports oil to the United States and Europe. In
general, it is the largest foreign supplier of oil in the United States.