In a series of revised estimates of Venezuelan oil potential in the Orinoco Belt from 2007 onwards, Venezuelan oil reserve figures rose dramatically to 297 billion 27 Jan 2019 World's largest reserves. Venezuela would be the biggest loser of all, of course. The country has the world's largest proven oil reserves - even 9 Aug 2019 Crude oil, also known as petroleum, is an energy-rich liquid In Canada, Alberta's oil sands have the largest reserves of crude oil, 1, Venezuela, 18% Map showing some of the major crude oil pipelines across Canada.