Daily oil production output of OPEC countries 2012-2021
Saudi Arabia is by far the leading producer of crude oil among the selected OPEC countries, with an average daily production of roughly 9.1 million barrels in 2021. Iraq ranked second, at nearly four million barrels daily. OPEC crude oil production totaled some 31.7 million barrels per day that year.
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, Guinea, Gabon, Libya, Nigeria, and United Arab Emirates. In 2021, the 13 OPEC members held 37.9 percent of the total global crude oil production.
As of June 2022, the OPEC basket had increased to an annual average of nearly 115 U.S. dollars per barrel. Other petroleum benchmarks saw a similar trend, with figures increasing dramatically as a result of an ongoing energy crisis in Europe as well as supply issues stemming from the Russia-Ukraine war. This was an abrupt change from trends seen during the COVID-19 pandemic in 2020, when major benchmarks recorded their lowest closing prices in years and West Texas Intermediate (WTI) noted a negative closing price for the first time in history, at negative 37.63 U.S. dollars per barrel.
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, Guinea, Gabon, Libya, Nigeria, and United Arab Emirates. In 2021, the 13 OPEC members held 37.9 percent of the total global crude oil production.
Crude oil prices
The main goal of OPEC was 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 2021, the average annual OPEC crude oil price was some 69.72 U.S. dollars per barrel.As of June 2022, the OPEC basket had increased to an annual average of nearly 115 U.S. dollars per barrel. Other petroleum benchmarks saw a similar trend, with figures increasing dramatically as a result of an ongoing energy crisis in Europe as well as supply issues stemming from the Russia-Ukraine war. This was an abrupt change from trends seen during the COVID-19 pandemic in 2020, when major benchmarks recorded their lowest closing prices in years and West Texas Intermediate (WTI) noted a negative closing price for the first time in history, at negative 37.63 U.S. dollars per barrel.
