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Since 2010, OPEC's share of global crude oil reserves remained relatively stable, standing at **** percent in 2024. Between 1960 and the mid-2020s, worldwide oil reserves have increased fivefold.

Venezuela's outsized role in OPEC reserves

Venezuela stands out as the OPEC member with the largest crude oil reserves. The South American country holds an estimated *** billion barrels of proved reserves, mainly in the form of oil sands, contributing significantly to OPEC's overall share. However, due to insufficient funding needed to process the heavy oil, its reserves remain largely undeveloped. For example, in a list of the largest OPEC oil producers, it only ranks eighth.

Natural gas complements OPEC's oil dominance

While OPEC is primarily known for its oil reserves, some member states also possess substantial natural gas resources. Iran leads the pack in this regard, with proved natural gas reserves of trillion cubic meters as of 2024.