Venezuela is the OPEC member with the greatest crude oil reserves. In 2020, the South American country had an estimated reserve of some 303.6 billion barrels. By comparison, the United Arab Emirates' oil reserves were estimated to be 107 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 41.47 U.S. dollars per barrel, while in 2012 the price was 109.45 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960.
Crude oil reserves in OPEC countries from 2012 to 2020*
(in billion barrels)
* Figures are as of year-end and proven reserves. Condensates are included for some countries.
** Qatar left OPEC in January 2019 and Ecuador left in January 2020. Prices have been left in this statistic for posterity reasons.
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OPEC. (October 1, 2021). Crude oil reserves in OPEC countries from 2012 to 2020* (in billion barrels) [Graph]. In Statista. Retrieved May 26, 2022, from https://www.statista.com/statistics/273339/oil-reserves-in-opec-countries/
OPEC. "Crude oil reserves in OPEC countries from 2012 to 2020* (in billion barrels)." Chart. October 1, 2021. Statista. Accessed May 26, 2022. https://www.statista.com/statistics/273339/oil-reserves-in-opec-countries/
OPEC. (2021). Crude oil reserves in OPEC countries from 2012 to 2020* (in billion barrels). Statista. Statista Inc.. Accessed: May 26, 2022. https://www.statista.com/statistics/273339/oil-reserves-in-opec-countries/
OPEC. "Crude Oil Reserves in Opec Countries from 2012 to 2020* (in Billion Barrels)." Statista, Statista Inc., 1 Oct 2021, https://www.statista.com/statistics/273339/oil-reserves-in-opec-countries/
OPEC, Crude oil reserves in OPEC countries from 2012 to 2020* (in billion barrels) Statista, https://www.statista.com/statistics/273339/oil-reserves-in-opec-countries/ (last visited May 26, 2022)
