How Much Oil Does OPEC Produce Per Day?

Introduction

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 oil-producing countries. OPEC was founded in 1960 with the goal of coordinating and unifying the petroleum policies of its member countries. OPEC’s primary objective is to ensure the stabilization of the oil market in order to secure an efficient, economic and regular supply of petroleum to consumers, a fair return on the capital invested in the petroleum industry, and a reasonable profit for the producing countries.

OPEC Oil Production

OPEC’s oil production is significant, accounting for about 30% of the world’s total oil production. In 2022, OPEC’s oil production averaged 30.99 million barrels per day (b/d). The top 5 OPEC producers in 2022 were:

1. Saudi Arabia (10.3 million b/d)
2. Iraq (4.4 million b/d)
3. United Arab Emirates (3.1 million b/d)
4. Kuwait (2.7 million b/d)
5. Nigeria (2.1 million b/d)

Factors Affecting OPEC Oil Production

There are a number of factors that can affect OPEC’s oil production, including:

• The global demand for oil
• The price of oil
• The availability of oil reserves
• The level of investment in the oil industry
• Political and economic conditions in OPEC member countries

OPEC’s Role in the Global Oil Market

OPEC plays a significant role in the global oil market. The organization’s ability to control oil production has a major impact on the price of oil. OPEC can also use its production levels to influence the global economy. For example, OPEC can increase production to help stabilize the global economy or decrease production to help reduce inflation.

Conclusion

OPEC is a major player in the global oil market. The organization’s oil production has a significant impact on the price of oil and the global economy. OPEC will continue to play an important role in the global oil market for years to come.

Additional Information

• OPEC’s website: https://www.opec.org/
• OPEC’s Monthly Oil Market Report: https://www.opec.org/opec_web/en/data_graphs/335.htm
• OPEC’s Annual Statistical Bulletin: https://www.opec.org/opec_web/en/data_graphs/330.htm