OPEC's crude oil production by country 2012-2023

Saudi Arabia is by far the leading producer of crude oil among OPEC member states. In 2023, it reported an average daily production of roughly 9.6 million barrels. Iraq ranked second, at nearly 4.1 million barrels daily. OPEC crude oil production totaled some 34 million barrels per day that year.

OPEC origin and global market share

The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela and later joined by current members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and United Arab Emirates. In 2023, the 13 OPEC members held roughly 36 percent of total global crude oil production.

Individual oils within OPEC basket

The main goal of OPEC is to coordinate petroleum policies among its members and to ensure stable prices for each product type, creating a reference system on the global oil market, facilitating the market for buyers and sellers. In 2023, the average annual OPEC crude oil price was over 82 U.S. dollars per barrel. However, when looking at individual oils in the OPEC reference basket, prices may show great discrepancies. For example, Algeria's Sahara Blend tends to be among the most expensive oils due to it being especially light and having a very low sulfur content.