According to data from the Organization of the Petroleum Exporting Countries (OPEC), global crude oil reserves have steadily increased over the past few decades.
By the end of 2023, the total volume of proven reserves reached 1.57 trillion barrels, a 439% increase compared to 1960.
Between 1960 and 2023, the most significant increases in crude oil reserves were recorded in the Middle East and Latin America.
In 2023, proven oil reserves in the Middle East reached 871 billion barrels, an increase of 688 billion barrels compared to 1960.
Meanwhile, proven oil reserves in Latin America in 2023 reached 343 billion barrels, up 320 billion barrels compared to 1960.
OPEC also notes that, out of approximately 40 countries with the largest oil reserves, increases in reserves occurred in almost all countries except Canada and Indonesia.
Between 1960 and 2023, Canada's proven oil reserves decreased by 289 million barrels, leaving a remaining 4.7 billion barrels.
During the same period, Indonesia's proven oil reserves decreased by 7.2 billion barrels, leaving a remaining 2.3 billion barrels.