OPEC Share of World Crude Oil Reserves

According to current estimates, more than three-quarters of the world's proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 70% of the OPEC total. OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry. As a result, OPEC's proven oil reserves currently stand at well above 1000 billion barrels.