The world’s oil reserves by country is shown in the chart below. Saudi Arabia, Venezuela, Canada, Iran and Iraq hold the top five reserves as a percentage of the world’s total as of January 1, 2011. It is interesting that Canada’s tar sands puts the country in the top five list ahead of even Russia. With the U.S. holding less than 2% of the world’s reserves, the country will continue to depend on foreign oil imports for the foreseeable future despite any politician’s talk of reducing the U.S. dependence on foreign oil.

Click to enlarge

Source: International Energy Outlook 2011, U.S. EIA

Related ETFs:

United States Oil Fund (USO)
United States Gasoline Fund (UGA)
PowerShares DB Oil Fund (DBO)

Disclosure: No Positions