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OPEC accounts for over ** percent of the world’s total crude oil production. In 2024, OPEC's production showed a decrease of *** percentage points compared to the previous year, in part a result of Angola leaving the organization. That same year, the annual average OPEC reference basket price was ** U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. 

Regional distribution

OPEC includes 12 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly ** of the world’s total oil production has come from the Middle East. Overall, global oil production has increased in almost every year except during times of economic crisis.

OPEC has the highest global reserves share

Although combined production has remained around the ** percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, it was * the worldwide production share. Similar to production, this figure has also remained relatively stable in the last decade.