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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%).
The worldâs biggest producers and consumers, China and America, are both very similar. Each country has a production:consumption ratio of just over 0.75, and they are both largely self-sufficient in terms of coal, but import large amounts of oil. Almost every developed country consumes more fossil fuels than it exports. In fact, Canada, Australia and Norway are the only developed economies that produce more fossil fuels than they consume. Norway produces 10 times more fossil fuels than it consumes, a ratio that is higher than any other country. This astonishingly high ratio is achieved both by its high per-capita production of fossil fuels, but also by generating almost 100% of its electricity using hydro-electric dams.