Ren茅 Muschter
Research Expert covering Industry & Mobility
OPEC - statistics & facts
OPEC is responsible for more than 36 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 32.8 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鈥檚 role in the world鈥檚 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鈥檚 share in worldwide oil 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鈥檚 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 32.8 million barrels per day. Saudi Arabia is by far the largest producer and also leading the list of global oil exports of OPEC countries.
What makes up the OPEC basket?
OPEC鈥檚 benchmark for oil prices is the so-called OPEC Reference Basket (ORB). It is an average price of different oil blends, one from each OPEC member state. Among the better-known blends are Arab Light from Saudi Arabia, Murban from the United Arab Emirates, and Bonny Light from Nigeria. The OPEC oil price has been particularly volatile in the past decade, as it was affected by an oil glut brought about by surging U.S. oil extraction, a pandemic-induced demand slump, and supply constraints related to the Russia-Ukraine war.Change in OPEC membership
In recent years, OPEC's membership has changed somewhat, with Ecuador formally leaving the organization in early 2020. In January 2019, Qatar, one of the oldest members and among the world鈥檚 leading LNG exporters, left OPEC. Before that, Indonesia left OPEC in November 2016 after having rejoined OPEC earlier that year following an absence since 2009. On the other hand, Gabon rejoined OPEC in July 2016 after having previously left OPEC in January 1995, while Equatorial Guinea and the Republic of the Congo joined in 2017 and 2018, respectively. Most recently, Angola decided to withdraw its membership in early 2024.
