OPEC accounts for over 37 percent of the world’s total crude oil production. In 2023, OPEC's production showed a decrease of 1.5 percentage points compared to the previous year. That same year, the annual average OPEC reference basket price was 83 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 the highest global reserves share
Although combined production has fluctuated at almost the 40 percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, 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 2023
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OPEC. (July 1, 2024). OPEC's crude oil production as a share of worldwide total from 2010 to 2023 [Graph]. In Statista. Retrieved February 19, 2025, from https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed
OPEC. "OPEC's crude oil production as a share of worldwide total from 2010 to 2023." Chart. July 1, 2024. Statista. Accessed February 19, 2025. https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed
OPEC. (2024). OPEC's crude oil production as a share of worldwide total from 2010 to 2023. Statista. Statista Inc.. Accessed: February 19, 2025. https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed
OPEC. "Opec's Crude Oil Production as a Share of Worldwide Total from 2010 to 2023." Statista, Statista Inc., 1 Jul 2024, https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed
OPEC, OPEC's crude oil production as a share of worldwide total from 2010 to 2023 Statista, https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed (last visited February 19, 2025)
OPEC's crude oil production as a share of worldwide total from 2010 to 2023 [Graph], OPEC, July 1, 2024. [Online]. Available: https://www.statista.com/statistics/292590/global-crude-oil-production-opec-share/?__sso_cookie_checker=failed