Surplus oil producing capacity in the OPEC amounted to 5.39 million barrels per day in 2021. This was roughly the same volume as the previous year. In 2020, surplus capacity increased notably as a sign of lower oil demand following the coronavirus pandemic. The OPEC member states account for the majority of global surplus capacity, which has historically been a means for the oil producing body to control market prices by capping daily production volumes.
Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021
(in million barrels per day)
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
EIA. (June 15, 2022). Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021 (in million barrels per day) [Graph]. In Statista. Retrieved November 17, 2024, from https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/
EIA. "Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021 (in million barrels per day)." Chart. June 15, 2022. Statista. Accessed November 17, 2024. https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/
EIA. (2022). Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021 (in million barrels per day). Statista. Statista Inc.. Accessed: November 17, 2024. https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/
EIA. "Surplus Crude Oil Production Capacity in The Opec and Non-opec Regions Worldwide from 1970 to 2021 (in Million Barrels per Day)." Statista, Statista Inc., 15 Jun 2022, https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/
EIA, Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021 (in million barrels per day) Statista, https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/ (last visited November 17, 2024)
Surplus crude oil production capacity in the OPEC and non-OPEC regions worldwide from 1970 to 2021 (in million barrels per day) [Graph], EIA, June 15, 2022. [Online]. Available: https://www.statista.com/statistics/1320117/surplus-oil-capacity-worldwide/
