OPEC’s role in the world’s oil industryOPEC’s global crude oil production share is approximately 37 percent and it also accounts for 16 percent of the world’s natural gas production. Moreover, OPEC owns roughly four-fifths of global crude oil reserves. Given the high dependence of the world economy on oil and gas, OPEC’s influence on the world market is evident.
In 2020, oil production in OPEC countries per day stood at some 30.6 million barrels. Saudi Arabia is by far the largest crude oil producer and also leading the list of global oil exports of OPEC countries. In 2020, about 6.7 million barrels were exported from Saudi Arabia per day. That was nearly one-third of the total OPEC crude oil exports that year. OPEC’s net oil export revenue, excluding Iran, was estimated at around 397 billion U.S. dollars in 2021.