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Venezuela holds the largest crude oil reserves of any OPEC member state. In 2024, it accounted for 24.4 percent of all OPEC oil reserves. This was followed by Saudi Arabia at 21.5 percent. The majority of proven crude oil reserves globally are located in OPEC member countries, accounting for nearly 80 percent of total crude oil reserves worldwide as of 2024. 

OPEC stands for the Organization of the Petroleum Exporting Countries.