Brent crude, the global benchmark, has lost 34pc over the past 12 months. We look at the countries that are sitting on the largest supplies of oil and are most susceptible to the tumbling price of crude.
11. United States: 2.2pc
The US had 36.5bn barrels worth of proven crude oil reserves as of January 2015, or 2.2pc of global supply, mostly focused around the Gulf of Mexico and in northern Alaska.
Although this gives it the 11th largest hoard of oil in the world, the US is the biggest oil supplier in the world, providing around 15pc of global oil.
The Trans Alaska oil pipeline, pictured, runs 800 miles across the state.
10. Nigeria: 2.2pc
Nigeria accounts for 2.2pc of the world’s proven oil reserves, or 37.1bn barrels, giving it the 10th largest stash of crude oil in the world.
Around 2.6pc of the world’s oil currently comes from Nigeria, or 2.4m barrels per day.
In this photo, a woman walks along an oil pipeline near Shell’s Utorogu flow station in Warri, south Nigeria.
9. Libya: 2.9pc
Libya has oil reserves of 48.4bn barrels, or 2.9pc of proven global supply.
However, Libya sells only 515,000 barrels of oil per day, about half a percentage of the world’s supply.
8. United Arab Emirates: 5.8pc
5.8pc of the world’s producible oil is in the United Arab Emirates, which amounts to 97.8bn barrels.
The UAE currently supplies around 3.5m barrels of oil per day, or 3.7pc of global usage.
7. Russia: 6.1pc
Russia, the world’s third largest supplier of oil, has the seventh biggest proven reserve of the black stuff, or 6.1pc of global supply with 103.2bn barrels.
Russia supplies almost 12pc of the world’s supply of oil, pumping out 10.8m barrels a day.
In this picture, the sun sets over an oil derrick and other facilities at Vankorskoye oil field, which is owned by Rosneft, north of the Russian Siberian city of Krasnoyarsk.
6. Kuwait: 6.2pc
With a slightly larger proven reserve of oil than Russia, Kuwait has 104bn barrels of recoverable oil, which is 6.2pc of the world’s supply. However, Kuwait currently accounts for just 3pc of global usage.
5. Iraq: 8.5pc
Iraq has the fifth largest oil reserve, with 8.5pc of the world’s producable oil, or 144.2bn barrels. It sells around 3.6pc of the oil supply in the world today.
In this picture, a worker opens a pipeline at the oil refinery in the Iraqi waters of the Persian Gulf, near the border of Kuwait, in 2007.
4. Iran: 9.3pc
157.8bn barrels of recoverable oil are owned by Iran, amounting to 9.3pc of global reserves. Like Iraq, it supplies around 3.6pc of the oil in the world today.
This photo shows an Iranian oil worker cycling past the oil refinery south of the Tehran.
3. Canada: 10.2pc
Canada produces 4.7pc of the world’s oil, making it the fifth biggest supplier, but the North American country ranks third for proven reserves, with 172.5bn barrels, or 10.2pc of the world’s recoverable oil.
The Irving Oil refinery, pictured, which is located in New Brunswick, is Canada’s largest oil refinery, distributing more than half of the north east US’ supply of fuels.
2. Saudi Arabia: 15.9pc
Saudi Arabia – the world’s second largest supplier of oil, providing 12.5pc of global stocks, or 11.6m barrels a day – is sitting on 268.3bn barrels of proven reserves, or 15.9pc of the world’s store.
In this picture, an official of the Saudi oil company Aramco watches progress at a rig.
1. Venezuela : 17.7pc
Venezuela is responsible for less than 3pc of global oil supply but owns 17.7pc of the world’s reserves, or 298.4bn barrels – more than twice as much as Iraq and eight times more than the US. Revenues from oil exports account for most of Venezuela’s GDP.
In this photo, state oil and electric workers shout slogans during an anti-imperialist rally in Caracas.