Oil Reserves

Oil reserves are estimates of how much oil and natural gas exist and how much of that is commercially recoverable. Reserves can be proven, probable or possible, though the industry does not operate on the basis of standard definitions. According to OPEC estimates, 79.4% of the world\'s proven oil reserves are in OPEC Member Countries and 64.5% in the Middle East. Proven OPEC oil reserves, according to OPEC’s website as of October 2021 were 1,189.80 billion barrels.