OPEC accounts for nearly 40 percent of the world’s total crude oil production. In 2022, OPEC's production share reached a high not seen since 2018. That same year the annual average OPEC reference basket price was 100 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 13 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly a third of the world’s total oil production has come from the Middle East, while the share produced by Africa and South America have been declining. Overall, global oil production has increased in almost every year except during times of economic crisis.
OPEC has highest global reserves share
Although combined production has fluctuated around the 40 percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2022, it was double the worldwide production share. Similar to production, this figure has also remained relatively unchanging in the last decade.
OPEC's crude oil production as a share of worldwide total from 2010 to 2022
Characteristic
Share of global production
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OPEC. (December 14, 2023). OPEC's crude oil production as a share of worldwide total from 2010 to 2022 [Graph]. In Statista. Retrieved July 08, 2024, from https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/
OPEC. "OPEC's crude oil production as a share of worldwide total from 2010 to 2022." Chart. December 14, 2023. Statista. Accessed July 08, 2024. https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/
OPEC. (2023). OPEC's crude oil production as a share of worldwide total from 2010 to 2022. Statista. Statista Inc.. Accessed: July 08, 2024. https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/
OPEC. "Opec's Crude Oil Production as a Share of Worldwide Total from 2010 to 2022." Statista, Statista Inc., 14 Dec 2023, https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/
OPEC, OPEC's crude oil production as a share of worldwide total from 2010 to 2022 Statista, https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/ (last visited July 08, 2024)
OPEC's crude oil production as a share of worldwide total from 2010 to 2022 [Graph], OPEC, December 14, 2023. [Online]. Available: https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/