What a good article from the EIA! A drastic drop in the price of oil in 2016 led to the emergence of the unprecedented Declaration of Cooperation, with OPEC members and 10 non-OPEC oil-producing countries joining to help balance the market, reduce inventory levels and support the stability of the oil market.
These countries are Russia, Mexico, Kazakhstan, Azerbaijan, Oman, Malaysia, Bahrain, South Sudan, Brunei, and Sudan.
Even Though the United States is the main crude oil producer in the World –with around 12 million barrels per day– OPEC and OPEC+ countries combined produced about 60%, 48 million barrels per day in 2022, so now more than ever they influence global oil market balances and prices of oil, the EIA reported.
Who are members of OPEC? (Non OPEC+)
Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela, are part of OPEC, which was founded in 1960 with the aim of unifying oil prices and production in the world.
“In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry”, according to this hydrocarbons producers organization’s website.
In 2022, OPEC countries alone produced about 32.2 million barrels of crude oil per day, 40% of the world's production. Its largest producer is Saudi Arabia, the second, after the United States.
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