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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%).
On the supply side, a big reason is that the United States is once again a major oil producer, largely due to new technology allowing oil companies to profitably get oil from shale deposits. Canada, too, is producing more oil as is Russia. At the same time, the Organization of the Petroleum Exporting Countries (OPEC) has just announced that it will not cut production despite the oversupply and this caused oil prices to drop significantly yesterday.