(CNN) -- Here's a look at crude oil reserves and production around the world.
Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes.
Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 44.1 percent of the world's crude oil, and possess almost 81.5 percent of the world's total proven crude oil reserves, according to OPEC and US Energy Information Administration data.
The 14 countries/members of OPEC:
The following countries have the world's largest reserves of crude oil, according to the US Energy Information Administration (as of 2016):
1973-1974 - Due to US support of Israel in the Arab-Israeli conflict, the members of OPEC decided to raise the cost of oil from $3/barrel to around $12/barrel.
October 1973 - OPEC issues an embargo that halts exports of oil to the United States. Americans experience long lines at gas stations and at times cannot find gasoline at all. Gasoline prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.
March 18, 1974 - At an OPEC meeting, seven members lift the ban on exports to United States. The countries are Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban and Iraq boycotts the talks.
December 31, 1974 - Libya lifts its 14-month-old oil embargo against the United States.
December 22, 1975 - US President Gerald Ford establishes the Strategic Petroleum Reserve when he signs into law the "Energy Policy and Conservation Act." The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the economy. It mandates that the country maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.
2013 - The United States imports less foreign oil than it produces for the first time in nearly two decades.
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