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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%).
In practice, some European countries depend heavily on energy imports and are highly vulnerable to global energy shocks. The EU is the world's largest importer of oil and gas. It imports 82 percent of its oil and 57 percent of its gas.ith Russia consolidating its control of European and Central Asian energy, and in view of Europe's dependence on the Persian Gulf, Europe desperately needs to cooperate on energy security. Europe and the U.S. should work together to mitigate the adverse effects of Europe's strategic dependence on Russia.