Crude oil reserves in OPEC countries 2012-2023

Published by Statista Research Department, Jul 25, 2024

Venezuela is the OPEC member state with the largest crude oil reserves. In 2023, the South American country had an estimated reserve of some 303 billion barrels. In that same year, the average annual OPEC crude oil price was some 83 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960.

Crude oil reserves in OPEC countries in 2012 and 2023 (in billion barrels)

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Release date

2024

Region

Worldwide

Survey time period

2012 and 2023

Supplementary notes

Figures are as of year-end and proven reserves. Condensates are included for some countries.

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