FAST FIVE: Which Countries Have The World's Largest Proven Oil Reserves?
Oil is a natural resource formed by the decay of organic matter over millions of years, and like many other natural resources, it can only be extracted from reserves where it already exists.
Oil Production A country with large amounts of reserves does not always translate to strong production numbers for petroleum, oil, and by-products.
Large Reserves in OPEC Nations The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental global petroleum and oil distribution agency headquartered in Vienna, Austria.
The majority of countries with the largest oil reserves in the world are members of OPEC.
Most OPEC countries are in the Middle East, the region with the largest oil reserves, holding nearly half of the global share.