Oil reserves refer to the amount of crude oil that can be economically extracted from a known deposit using current technology.
Related terms
OPEC: OPEC stands for Organization of Petroleum Exporting Countries. It's an intergovernmental organization made up of countries that produce and export significant amounts of petroleum.
Crude Oil: Crude oil is unrefined petroleum, consisting primarily of hydrocarbons.
Fracking: Fracking, short for hydraulic fracturing, is a method used to extract natural gas or oil by injecting high-pressure fluid into underground rock formations.