See Naija’s Share Of World Crude Oil Reserves By OPEC

Do you know Nigeria’s share of world crude oil reserves as a member of the Organisation of Petroleum Exporting Countries (OPEC.

The global oil cartel not only aggregates oil producing countries like Nigeria, but also helps in stablising the price of the crude in the international market.

Over time, Nigeria has reaped a windfall in oil revenue, especially when turbulence, either naturally or man-made had hit the global supply of this premium crude.

Other members of OPEC are Indonesia, Iran, Venezuela, and Kuwait to mention some.

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According to current estimates, 79.1% (1,241.33 billion barrels) of the world’s proven crude oil reserves are located in OPEC Member Countries, with the bulk of OPEC oil reserves in the Middle East, amounting to 67.3% of the OPEC total.

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