OPEC's Share in Production Dropped to 39 Percent

OPEC's Share in Production Dropped to 39 Percent

The share of the Organization of Petroleum Exporting Countries (OPEC) in global oil production, which was 41.2 percent in 2018, dropped to 39 percent last year. OPEC announced the 2020 Annual Statistical Bulletin. According to the bulletin, global crude oil production decreased by an average of 560 thousand barrels a day in 2019 compared to the previous year, to 75 million 262 thousand barrels. In this period, OPEC's average daily crude oil production decreased by 1 million 863 thousand barrels, to 29 million 375 thousand barrels. Thus, OPEC's share in global crude oil production, which was 41.2 percent in 2018, dropped to 39 percent last year. USA is a Leader in Global Crude Oil Production According to statistics, the biggest decrease in oil production, which decreased every year among OPEC member countries, was recorded in Iran and Venezuela. In this context, Iran's daily crude oil production decreased by 1 million 197 thousand barrels in 2019 compared to the previous year and decreased to 2 million 356 thousand barrels. In the same period, Venezuela's daily crude oil production decreased by 498 thousand barrels to 1 million 12 thousand barrels. The USA was the country that produced the most crude oil last year with 12 million 232 thousand barrels a day. Russia was followed by Russia with 10 million 625 thousand barrels and Saudi Arabia with 9 million 808 thousand barrels.