OPEC Oil Production (1973 - 2018)
Background
The Organization of the Petroleum Exporting Countries, commonly known as OPEC, is an intergovernmental organization consisting of 13 countries: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Nigeria, Gabon, Equitorial Guinea, Angola, Libya, Congo, Algeria and United Arab Emirates.
As a multinational organization consisting of some of the world's largest oil-producing nations, OPEC plays a crucial role in the global energy landscape as a major influencer of oil prices and production levels.
Tracking and understanding OPEC's historical oil production data is essential for stakeholders such as policymakers, energy analysts, investors, and industry professionals to make informed decisions and navigate the dynamic energy markets.
Interesting Findings
- 1979 to 1985 saw the steepest decline in Oil Production for the time period being considered, dropping from 354M in 1979 to 186M in 1985.
- Saudi Arabia is by far the largest oil producer within OPEC. Producing more than 4.4B so far and contributing north of 29% of the total output.
- It took ~ 21 years to reach and eventually surpass the highs of 1979. In 2000, oil production levels reached 356M, finally exceeding 354M produced in 1979.
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