The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of oil-producing countries which was established in Baghdad, Iraq, in 1961. OPEC generates approximately 44 percent of the world’s total crude oil production, and approxmately 21 percent of the world’s natural gas production. IEA preliminary estimates of total oil supply for non-OPEC members. OPEC itself is responsible for curbing output by 812,000 barrels a day below baseline levels. Last month Saudi Arabia alone cut by 935,000 barrels a day. Angola, Equatorial Guinea, Kuwait and the United Arab Emirates also complied, As of September 2018, [update] the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called " Seven Sisters " grouping of multinational oil companies. World Oil Outlook OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry.
Download scientific diagram | OPEC market share in world oil production. from publication: Does OPEC still exist as a cartel? An Empirical Investigation. 22 Aug 2019 OPEC's share of the global oil market has sunk to 30%, the lowest in years, as a result OPEC crude as a percentage of world oil supply - here.
Under this definition, total world oil production in 2019 averaged 80,622,000 barrels per day. Approximately 68% came from the top ten countries, and an overlapping 44% came from the fourteen current OPEC members, in the table below. The top three producers have in recent history been (alphabetically) Russia, Saudi Arabia, and the United States. OPEC has downwardly revised its forecast for global oil demand growth over both the medium-term and long-term, citing tough market conditions and "signs of stress" in the world economy. OPEC Member Countries’ historical production data, directly communicated or based on secondary sources, are available in OPEC’s Monthly Oil Market Reports. These reports can be viewed here . Top of Page Print Page In response to the 2014-16 oil price slump, Opec partnered with Russia in December 2016 to agree a cut in production of 1.8m barrels a day. That curb, the first of its kind in 15 years, drove up OPEC reduced its total production by a third during the first half of the 1980s. As a result OPEC's share in world oil production dropped below 30 percent. Members Share within OPEC. At this point it is appropriate to look at some of the detail. The graph to the right shows each OPEC member's share of total OPEC production. IEA preliminary estimates of total oil supply for non-OPEC members. OPEC itself is responsible for curbing output by 812,000 barrels a day below baseline levels. Last month Saudi Arabia alone cut by 935,000 barrels a day. Angola, Equatorial Guinea, Kuwait and the United Arab Emirates also complied,
5 Nov 2019 OPEC's World Oil Outlook for 2019 found that output will fall over the next five years, while America's shale oil production will overtake that 6 Nov 2019 The organisation is being challenged by increased US shale oil production output and is curbing its own output to keep prices from dropping
Total World Natural Gas and Crude Oil Reserves and Production Latin America Eastern Europe And Eurasia Western Europe Middle East OPEC share (%) 0