OPEC - statistics & facts
OPEC is responsible for more than 35 percent of worldwide crude oil production. The Organization of the Petroleum Exporting Countries (OPEC) is an assembly of oil-producing countries which was established in the 1960s with the aim to take greater control over oil pricing. The initial five member states were Ian, Iraq, Kuwait, Saudi Arabia, and Venezuela. Today, OPEC's membership encompasses 12 countries in total and its decisions on production cuts regularly impact global oil benchmarks.
In 2023, oil production in OPEC countries stood at some 34 million barrels per day. Saudi Arabia is by far the largest producer and also leading the list of global oil exports of OPEC countries.
OPEC’s role in the world’s oil and gas industry
At its founding, OPEC comprised the largest oil producers in the world. In recent years, however, political instability in some member states in addition to the emergence of new drilling technologies has buoyed the output of countries like the United States and Canada. This has led to a decrease in OPEC’s share in worldwide oil and gas production. Nevertheless, OPEC still owns roughly four-fifths of global crude oil reserves. Given the high dependence of the world economy on oil and gas, OPEC’s influence on the world market has been significant. OPEC also regularly collaborates with 10 additional oil producing countries, among them Russia and Mexico, that are collectively known as OPEC+.In 2023, oil production in OPEC countries stood at some 34 million barrels per day. Saudi Arabia is by far the largest producer and also leading the list of global oil exports of OPEC countries.
