Crude oil reserves in OPEC countries 2012-2021
Venezuela is the OPEC member with the largest crude oil reserves. In 2021, the South American country had an estimated reserve of some 303.5 billion barrels. By comparison, the United Arab Emirates' oil reserves were estimated to be 111 billion barrels. This amount places the United Arab Emirates as one of the top five OPEC members based on crude oil reserves. In that same year, the average annual OPEC crude oil price was some 69.72 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960.
