The share of OPEC is more than half of the total world in __:
1.Crude Oil Production
2.Crude Oil Reserves
3.Crude Oil Exports
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The Organisation of Petroleum Exporting Countries (Opec) was set up in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Other countries such as Nigeria, UAE and Qatar joined in later. Currently, Opec has eleven members. Its principal aim is ‘coordination and unification of petroleum policies of member countries and the determination of the best means for safeguarding their interests, individually and collectively. Eleven countries are now members of the group. These countries account for about 40% of the world’s crude oil production and about three-quarters of crude oil reserves. OPEC’s exports represent 55% of the crude oil traded internationally. According to current estimates, more than 80% of the world’s proven oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 66% of the OPEC total. OPEC Member Countries have made significant additions to their oil reserves in recent years, for example, by adopting best practices in the industry, realizing intensive explorations and enhancing recoveries. As a result, OPEC’s proven oil reserves currently stand at 1,199.71 billion barrels.
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