According to the BP Statistical Review of World Energy 2012, Venezuela has the most proven oil reserves in the world. The country is estimated to have reserves of about 297 billion barrels followed by Saudi Arabia at 265 billion barrels.
Saudi Arabian crude is considered to be of high quality. Venezuelan crude oil is is extra-heavy crude and is of lower quality. This crude can be produced at one-third the cost of producing crude from Canadian oil sands.However due to politics production has declined considerably in the past few years.Venezuelans also enjoy the cheapest price per gallon for premium gasoline in the world paying just $0.09 per gallon compared to $10.12 by Norwegians who pay the highest rate.
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Proven Oil Reserves by Country
Source: BP Statistical Review of World Energy 2012
Via Chavez’s Troubled Legacy for Venezuela’s Oil Industry, by Blake Clayton of Council on Foreign Relations