Oct 30, 2019
Organisation of the Petroleum Exporting Countries (OPEC) was established in September 1960 at the Baghdad conference. There are 14 OPEC member countries accounted for 29.3% of the world's total crude oil production in September 2019. According to OPEC's website, these 14 OPEC members had 80% of the world's total crude oil reserves. Venezuela has 25% and Saudi Arabia has 22.4% of the total reserves.