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Based on data from OPEC at the beginning of 2013 the highest proved oil reserves including non-conventional oil deposits are in Venezuela (20% of global reserves), Saudi Arabia (18% of global reserves), Canada (13% of global reserves), and Iran (9%).
Q: Which Country Produces the Most Oil in the World? At present Russia is the country which is the largest oil producing nation in the world. In 2011 its production was 12.65% of the worldâs total output. Also See. Which country exports most petroleum in the world.