Canada has abundant resources of bitumen and crude oil, with an estimated remaining ultimate resource potential of 54 billion cubic metres (340 billion barrels). Of this, oil sands bitumen accounts for 90 per cent. Alberta currently accounts for all of Canada's bitumen resources. "Resources" become "reserves" only after it is proven that economic recovery can be achieved. At 2013 prices using current technology, Canada had remaining oil reserves of 27 billion m3 (170 billion bbls), with 98% of this attributed to oil sands bitumen. This put its reserves in third place in the world behind Venezuela and Saudi Arabia. At the much lower prices of 2015, the reserves are much smaller.
