Final answer:
Venezuela is the country in Latin America known for its substantial oil reserves and is a member of OPEC.
Step-by-step explanation:
The country in Latin America known for its substantial oil reserves and is a member of OPEC is Venezuela. Venezuela has one of the largest oil reserves in the world and is a major producer and exporter of oil. Being a member of OPEC allows Venezuela to collaborate with other oil-producing countries to stabilize oil prices and protect their interests.
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