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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%).
Further compounding pressure on oil prices in the U.S. is growing use of oil in large emerging market economies, such as India and China. The latter countryâs consumption of oil has risen from 500,000 barrels per day in 1970 to 10 million barrels per day in 2014, making the country the worldâs largest importer.