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Brent crude oil spot price is expected to fall from an average of $112 per barrel in 2012 to annual averages of $108 per barrel in 2013 and $101 per barrel in 2014, according to report released by US-based Energy Information Administration (EIA) last week.
The price shift reflects the increasing supply of liquid fuels from non-OPEC (Organization of Petroleum Exporting Countries) countries, it stated.
However, OPEC nations continue to overshadow the world in terms of reserves, holding more than 80 per cent of the world's proven oil reserves, according to current estimates. The bulk of OPEC oil reserves 66 per cent are in the Middle East.
OPEC's proven oil reserves currently stand at 1,199.71 billion barrels.
Here are the top countries with the biggest proven oil reserves, as reported by EIA.
Proven oil reserves in 2013 (billion barrels): 297.6
Total oil supply in 2012 (thousand barrels per day): 2,489.2
Venezuela surpassed Saudi Arabia last year to become the holder of the largest oil reserves in the world. However, annual oil production of the OPEC supplier is considerably less than the Kingdom.
Proven oil reserves (billion barrels): 267.91
Total oil supply in 2012 (thousand barrels per day): 11,545.7
Saudi Arabia has almost one-fifth of the world's proven oil reserves and ranks as the largest producer and exporter of oil in the world.
Proven oil reserves: 173.105
Total oil supply in 2012 (thousand barrels per day): 3,854.4
Canada's oil sands are a significant contributor to the recent growth in the world's liquid fuel supply and comprise the vast majority of the country's proven oil reserves.
Proven oil reserves: 154.58
Total oil supply in 2012 (thousand barrels per day): 3,538.4
International sanctions have drastically impacted Irans energy sector the countrys oil production fell dramatically in 2012, from over 35 million barrels per day in 2011 to just over 3.5 million bpd in 2012.
Proven oil reserves: 141.35
Total oil supply in 2012 (thousand barrels per day): 2,986.6
Despite having large proven oil reserves, increases in oil production have fallen behind ambitious targets because of infrastructure constraints and political disputes, says EIA.
Proven oil reserves: 104
Total oil supply in 2012 (thousand barrels per day): 2,796.8
Kuwait boasts the second largest oil reserves in the GCC, behind Saudi Arabia and is also among the worlds top 10 largest exporters of total oil products.
Proven oil reserves: 97.8
Total oil supply in 2012 (thousand barrels per day): 3,213.2
Enhanced oil recovery techniques continue to underpin strong crude oil production totals and are an important strategy for extending the life of the country's aging oil fields, states EIA.
Proven oil reserves: 80
Total oil supply in 2012 (thousand barrels per day): 10,397
Russia, which also holds the world's largest natural gas reserves and the second-largest coal reserves, is the second biggest oil supplier in the world after Saudi Arabia.
Proven oil reserves: 48.01
Total oil supply in 2012 (thousand barrels per day): 1,483
The holder of Africas largest proven oil reserves, Libya saw a disruption in oil production in 2011 due to conflict, but the country has recovered, and subsequently, has begun to increase supplies.
Proven oil reserves: 37.2
Total oil supply in 2012 (thousand barrels per day): 2,524.1
Nigeria's hydrocarbon resources are the mainstay of the country's economy, but EIA states that development of the sector is often constrained by instability in the Niger Delta.
The United States tops the list while the UAE and Saudi Arabia feature among the top 15
Asia and Europe have the fastest internet connection speeds globally, a new report shows.
European and African countries dominate the list for 2015, as compiled with data from the International Labour Organisation.
The average price of petrol around the world ranged around $1.04 per liter, according to GlobalPetrolPrices.com