Oil and Gasoline Fast Facts

Here’s a look at crude oil reserves and production around the world. Facts: Crude oil is a form of liquid petroleum, extracted from rock formations and used for fuel and other purposes. Members of the Organization of the Petroleum Exporting Countries (OPEC) produce about 45% of the world’s crude oil, and possess almost 81% of the world’s total proven crude oil reserves, according to OPEC and U.S. Energy Information Administration ...