OPEC Accounts for Most of the World’s Crude Oil Reserves



 OPEC crude oil reserves

BP’s (BP) statistical review shows that OPEC (Organization of the Petroleum Exporting Countries) accounts for 71.6% of the world’s total proved crude oil reserves. OPEC countries have around 1,216 billion barrels of crude oil reserve. Saudi Arabia accounts for 15.7% of the world’s total crude oil reserve. It accounts for 22% of OPEC’s total proved reserves. Other OPEC countries like Venezuela, Iran, and Iraq have 17.5%, 9.3%, and 8.8% of the world’s total crude oil reserves.

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Natural gas reserves

Natural gas is also a vital part of the world’s total energy requirement. BP’s statistical review suggests that OPEC countries like Saudi Arabia, Qatar, and Iran account for 35.7% of the world’s total natural gas reserves. Russia accounts for 17.4% of the world’s total natural gas reserves. The EU (European Union) accounts for 42% of the net natural gas imports. It was met by Russian (RSX) exports in 2014.

The major pipeline network in Europe derives its supplies from Russian gas companies like Gazprom PAO (OGZPY). Gazprom has an 85% production mix in natural gas. Lukoil (LUKOY) operates with a production mix of 13% in natural gas. US energy companies like ExxonMobil (XOM) and Chevron (CVX) operate with a production mix of 46% and 33%, respectively, in natural gas.


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