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Kuwait
Iran
Iraq
Venezuela
Qatar
Libya
Algeria
Nigeria
Ecuador
Angola
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∙ 15y ago
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Two South American countries are members of OPEC?
Venezuela and Ecuador
OPEC headquarters location?
Vienna
Where are the oil reserves located?
The biggest oil reserves in the world are in the OPEC nations in the Middle East. The second largest oil reserves are in Venezuela. Saudi Arabia is third. Fourth is Canada, then Iran, Iraq, Kuwait, United Arab Emirates, and Russia.
Which South American country is a major producer of oil?
Venezuela has the largest oil reserves in the Western Hemisphere and was a founding member of OPEC. It has nearly 80 billion barrels of oil reserves and provides 15% of The United States' oil. It is the seventh largest producer of oil in the world.
What country has the largest oil reserves in the world?
Sometimes a very simple question does not result in a simple answer. I could say the country is either Saudi Arabia or Venezuela, depending on whose numbers you trust the most. It is cited in many references that Saudi Arabia has the highest proved reserves, totalling 267 billion barrels. See links. However recently, Venezuela claims to have the most proven reserves, with 297 billion barrels. See second link and last link. Note that million and billion barrels is abbreviated MMbbls and Gbbls. Both Saudi Arabia and Venezuela have extensive oil deposits and for many years, Saudi Arabia claimed the most oil, with Venezuela more than 100 billion barrels less than Saudi Arabia. As shown on the related link, Venezuela has been raising its estimate of reserves for the past 5 years, and some of this oil may not be as "proven" as in the case of Saudi Arabia. To meet the proven category, it is necessary to show the oil can be commercially developed under existing technologies and oil prices. Also, the oil recovery factor should be conservatively estimated. Venezuela has extensive heavy oil deposits, and estimation of a conservative recovery factor may be subjective, allowing for overestimation of recovery. Their rapid increase in reserves has added skepticism of their claim to have the largest proven reserves in the world. Note the official OPEC estimate of reserves, in 2008 was 99.4 billion barrels. (see first link) Saudi Arabia has not revised their estimates in many years, and according to Wikipedia, some experts suspect that their estimate may also be overestimated.
Is southwest Asia part of OPEC?
Not all Southwest Asian countries are part of OPEC but over half of OPEC's membership comes from Southwest Asia and a good number of Southwest Asian countries are OPEC members.
What is OPEC what countries are a part of OPEC?
egypt (A+)
What impact can OPEC decisions have on the world?
The roe of OPEC is to regulate the petroleum industries among member countries. OPEC stands for Organization of the Petroleum Exporting Countries.
Which countries are non-OPEC countries?
Egypt
What organization is known as OPEC?
The organization that is known as OPEC is the Organization of Petroleum Exporting Countries. This organization has a goal of producing steady income for countries that are members of OPEC.
What is the organization known as OPEC?
The organization that is known as OPEC is the Organization of Petroleum Exporting Countries. This organization has a goal of producing steady income for countries that are members of OPEC.
Do only Arab countries belong to OPEC?
This is false. Four OPEC members are non-Arab countries.
Why was the US vulnerable to OPEC?
The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC countries.
What does the acronym OPEC stand for?
OPEC stands for Organization of the Petroleum Exporting Countries.
How does OPEC influence the world politic?
OPEC, or the Organization of the Petroleum Exporting Countries, is an intergovernmental agency that coordinates policies to ensure the fair and regular supply of petroleum to other countries in the world. Countries outside of OPEC may seek to maneuver politically to gain favor with OPEC.
How many countries are in OPEC?
13
Who are the 3 former members of opec?
Saudia Arabia opec OPEC oil reserves OPEC oil crisis
