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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 the middle of 1973, even before the OPEC embargo, an American oil crisis was on the horizon: Domestic reserves were low (about 52 billion barrels, a 10-year supply); the United States was importing about 27 percent of the crude petroleum it needed every year; and gasoline prices were rising.he Arab-dominated Organization of Petroleum Exporting Countries (OPEC) announces a decision to cut oil exports to the United States and other nations that provided military aid to Israel in the Yom Kippur War of October 1973. According to OPEC, exports were to be reduced by 5 percent every month until...