Just to give some other information...
You can use Windows Server OEM, but only with new hardware and only for the first licensed VMs...
Make sense only with Datacenter OEM (that for 2 CPU cost around a Enterprise Multilicense).
But, if you change hardware, you loose the license.
Another disadvanced of the OEM version is that you must have (or buy) media kit and license for old version... With a multilicense you have access to last version directly online.
About the virtual instance, if you have HA and/or vMotion you (to be compliant with licensing) must have on each host the max number of VM licensed).
So for 20 VM, you need on each node 5 Enterprise... o a single Datacenter.
The reason is not technical (there isn't a control to verify the number of VM running), but is formal... Windows OS is sold associated to a physical hardware... so the license is not moved with HA or vMotion... you must have a destination license for it.
Andre