Venezuela has the world's largest proven oil reserves, totaling 302.81 billion barrels at the end of 2017. The country is a major producer of petroleum products, which remain the keystone of the Venezuelan economy. The International Energy Agency shows how Venezuela's oil production has fallen in the last years, producing only daily, down from 3.5 million in 1998. However, the oil incomes will double its value in local currency with the recent currency devaluation. Venezuela has large energy subsidies. In 2015, the cost of petrol was just US$0.06 per gallon, costing 23% of government revenues. In February 2016, the government finally decided to raise the price, but only to 6 bolívar (about 60¢ at the official rate of exchange) per litre for premium and just 1 bolívar (10¢) for lower-grade petrol.