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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%).
From a geopolitical perspective, this sentiment is arguably at its strongest when it comes to energy. The Arab Oil Embargo, Russiaâs gas supply cut-offs to Europe and Venezuelaâs and Iranâs threats to use the âoil weaponâ have all reinforced importing nationsâ urge for energy self-sufficiency.