Middle Eastern countries contributed to the majority, 65.5%, of the Organisation of the Petroleum Exporting Countries (OPEC)’s total production in 2016, according to the OPEC Annual Statistical Bulletin 2017.
OPEC’s proven oil reserves currently stand at about 1.216tn barrels, with Venzuela, Saudi Arabia, and Iran the top three countries in term of reserves with 302bn barrels, 266bn barrels, and 157bn barrels respectively.
On the other hand, Egypt possesses 2.4bn barrels of crude oil reserves as of October 2017, according to the Egyptian General Petroleum Corporation (EGPC). Seven of the world’s fifteen largest oil producers are non-OPEC countries: Russia, the United States, China, Mexico, Canada, Norway, and Brazil.
