As of March 2017, the electronic version of the report includes a bookmark feature, allowing readers to access individual sections directly from the table of contents, to make navigating the report as easy as one click.Īdditionally, as of February 2019, key tables providing the latest information on the world oil demand and supply balance, including monthly revisions OECD oil stocks and oil on water non-OPEC supply and OPEC natural gas liquids and world rig count – as contained in the MOMR appendix tables – will also be made available on the OPEC Website and can be downloaded in Excel, for ease of use. In an effort to continuously enhance the service provided to our readers, we are pleased to announce that the analysis provided in the OPEC Monthly Oil Market Report is now more accessible than ever. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance. On the other hand, Gabon rejoined OPEC in July 2016 after having previously left OPEC in January 1995, while Equatorial Guinea and the Republic of the Congo joined in 20, respectively.The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. Before that, Indonesia left OPEC in November 2016 after having rejoined OPEC earlier that year following an absence since 2009. The next tier includes Indonesia and Iran (about 8 million MT each), trailed by Mexico. To begin select a country on the map to view the data snapshot for that country. This video shows the Top 20 countries by their total oil production from 1900 to 2020 (last 120 years). The US is by far and away the world's largest oil producer (over 180 million MT in 1940), followed by the Venezuela and the Soviet Union (30 and 27 million MT respectively). Jodi : Country By Country Review is an interactive map which displays snapshots of the JODI World Database on a country by country basis. In January 2019, Qatar, one of the oldest members, left OPEC. Here is a link with annual oil production in metric tons (Mt), 1936-1948. In recent years, OPEC's membership has changed somewhat, with Ecuador formally leaving the organization in early 2020. The following year, prices had recovered to an average of nearly 70 U.S. Most recently, in 2020, the effects of the coronavirus pandemic resulted in the 2020 annual average falling to 41.47 U.S. The OPEC crude oil price has been particularly volatile in the past decade. The average discovery is worth 1.4 of a country’s GDP today, based on the. The discoveries cluster in certain parts of the world, covering 46 countries, and are of significant magnitude for each country’s economy. Among the better-known blends are Arab Light from Saudi Arabia, Murban from the United Arab Emirates, and Bonny Light from Nigeria. This map includes 1,232 discoveries of recoverable reserves over 500 million barrels of oil equivalent (BOE) From 1868 to 2010. It is an average price of 12 different oil blends, one from each OPEC member state, with the exception of the Republic of the Congo. Its benchmark for crude oil prices is the so-called OPEC Reference Basket (ORB). OPEC also has an eminent impact on the global oil price development. OPEC’s net oil export revenue, excluding Iran, was 570 billion U.S. That was nearly one-third of the total OPEC crude oil exports that year. In 2021, about 6.2 million barrels were exported from Saudi Arabia per day. Saudi Arabia is by far the largest crude oil producer and also leading the list of global oil exports of OPEC countries. In 2021, daily oil production in OPEC countries stood at some 31.7 million barrels. United States of America is the largest oil producer in the world with 4,470,526,988 Barrels production per year. dollars per barrel overall, according to some analysts. Worldwide 30,056,707,836 Barrels of oil is produced per year. The planned oil output decrease immediately led to a five percent increase in crude oil prices, and is expected to increase oil prices by as much as 10 U.S. In April 2023, OPEC and 10 additional oil producing countries that are collectively known as OPEC+ released a surprise announcement that it would collectively cut crude oil output by some 1.16 million barrels of oil per day from May through December 2023, after output was already cut by two million barrels daily in October 2022. Given the high dependence of the world economy on oil and gas, OPEC’s influence on the world market is evident. Moreover, OPEC owns roughly four-fifths of global crude oil reserves. OPEC’s role in the world’s oil industry OPEC’s global crude oil production share is approximately 38 percent and it also accounts for 16 percent of the world’s natural gas production.
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