What proportion of global crude oil reserves is located within OIC member states?
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Answer: C. 70%
Explanation
Member states of the Organisation of Islamic Cooperation collectively control approximately 70 percent of global crude oil reserves. This immense concentration of petroleum resources gives member nations significant leverage in global energy markets. Major oil-producing countries in the Middle East and other regions contribute the vast majority of these shared hydrocarbon assets. The Organisation of Islamic Cooperation was founded in 1969 to safeguard the collective interests of the Muslim world. It is the second-largest intergovernmental organization after the United Nations, boasting dozens of member states globally. Energy economics frequently analyze OIC production quotas and reserve data to forecast global oil price fluctuations.
Estimating reserves at fifty percent underestimates the massive concentration of petroleum located within OIC member nations. Sixty percent is lower than authoritative energy statistics compiled regarding the total share of global crude oil reserves. Eighty percent overestimates the total percentage, as non-OIC producers like Russia and the United States hold significant reserves.
- Subject
- Political Science
- Category
- International Relations
- Topic
- —
- Difficulty
- medium
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