OPEC countries hold over three-quarters of the world’s proven oil reserves, and that number is rising, according to Investigating Answers. Oil reserves are estimates of the amount of crude oil in a specific area. Saudi Arabia, Venezuela and Canada have the most proven oil reserves in the world. In the U.S., the largest reserves are in Texas, Alaska, California and North Dakota.

What is OPEC? The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at the Baghdad Conference on 10-14 September 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Importantly, OPEC provides regular outlooks on the future of the industry and these are used by analysts and companies within the industry to forecast and plan.