Saudi Arabia is by far the leading producer of crude oil among OPEC member states. In 2024, it reported an average daily production of roughly **** million barrels. Iraq ranked second, at nearly **** million barrels daily. OPEC crude oil production totaled some ** million barrels per day that year. OPEC origin and global market share The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela and later joined by current members: Algeria, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and United Arab Emirates. In 2024, the 12 OPEC members held roughly ** percent of total global crude oil production. Individual crudes within OPEC basket The main goal of OPEC is to coordinate petroleum policies among its members and to ensure stable prices for each product type, creating a reference system on the global oil market, facilitating the market for buyers and sellers. In 2024, the average annual OPEC crude oil price was around ** U.S. dollars per barrel. However, when looking at individual crudes in the OPEC reference basket, prices may show great discrepancies. For example, Algeria's Sahara Blend tends to be among the most expensive oils due to it being especially light and having a very low sulfur content.

In 2024, crude oil production from OPEC countries amounted to roughly ** million barrels per day. Figures slightly increased that year. Between 1998 and 2024, figures increased by nearly **** million barrels of oil per day, peaking at **** million barrels per day in 2016.

This dataset contains information about world oil production for OPEC, OECD and the major non-OPEC producers. for 1983-2021. Data from Saudi Central Bank (SAMA). Follow datasource.kapsarc.org and it’s APIs to stay in sync and advance energy economics research.Note:* Including Condensates and Natural gas liquids

OPEC accounts for over ** percent of the world’s total crude oil production. In 2023, OPEC's production showed a decrease of *** percentage points compared to the previous year. That same year, the annual average OPEC reference basket price was ** U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. Regional distribution OPEC includes 13 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly a ***** of the world’s total oil production has come from the Middle East, while the share produced by Africa and South America have been declining. Overall, global oil production has increased in almost every year except during times of economic crisis. OPEC has the highest global reserves share Although combined production has fluctuated at almost the ** percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, it was ****** the worldwide production share. Similar to production, this figure has also remained relatively unchanging in the last decade.

Key information about Saudi Arabia Crude Oil: Production

• Saudi Arabia Crude Oil: Production was reported at 8,937.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 8,950.000 Barrel/Day th for Dec 2024
• Saudi Arabia Crude Oil: Production data is updated monthly, averaging 9,424.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 11,642.000 Barrel/Day th in Apr 2020 and a record low of 7,121.000 Barrel/Day th in Feb 2002
• Saudi Arabia Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

OPEC accounts for over 36 percent of the world’s total crude oil production. In 2024, OPEC's production showed a decrease of 0.4 percentage points compared to the previous year, in part a result of Angola leaving the organization. That same year, the annual average OPEC reference basket price was 80 U.S. dollars per barrel. OPEC stands for the Organization of the Petroleum Exporting Countries and was established in Iraq in 1960. Regional distribution OPEC includes 12 member countries located mostly in the Middle East and Africa, though also in South America. Over the past decade, roughly a third of the world’s total oil production has come from the Middle East. Overall, global oil production has increased in almost every year except during times of economic crisis. OPEC has the highest global reserves share Although combined production has remained around the 40 percent mark, the OPEC's share in global crude oil reserves was significantly higher. In 2023, it was double the worldwide production share. Similar to production, this figure has also remained relatively stable in the last decade.

NN: OPEC: Crude Oil Production: Secondary Sources: Congo data was reported at 324.000 Barrel/Day th in Oct 2018. This records an increase from the previous number of 318.000 Barrel/Day th for Sep 2018. NN: OPEC: Crude Oil Production: Secondary Sources: Congo data is updated monthly, averaging 318.000 Barrel/Day th from Apr 2018 (Median) to Oct 2018, with 7 observations. The data reached an all-time high of 329.000 Barrel/Day th in Apr 2018 and a record low of 316.000 Barrel/Day th in Jul 2018. NN: OPEC: Crude Oil Production: Secondary Sources: Congo data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries. The data is categorized under World Trend Plus’s Association: Oil and Gas Sector – Table RO.OPEC.CO: Crude Oil Production: OPEC Members: Monthly.

Saudi Arabia is by far the leading producer of crude oil among OPEC member states. In 2023, it reported an average daily production of roughly 9.6 million barrels. Iraq ranked second, at nearly 4.1 million barrels daily. OPEC crude oil production totaled some 34 million barrels per day that year. OPEC origin and global market share The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela and later joined by current members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and United Arab Emirates. In 2023, the 13 OPEC members held roughly 36 percent of total global crude oil production. Individual oils within OPEC basket The main goal of OPEC is to coordinate petroleum policies among its members and to ensure stable prices for each product type, creating a reference system on the global oil market, facilitating the market for buyers and sellers. In 2023, the average annual OPEC crude oil price was over 82 U.S. dollars per barrel. However, when looking at individual oils in the OPEC reference basket, prices may show great discrepancies. For example, Algeria's Sahara Blend tends to be among the most expensive oils due to it being especially light and having a very low sulfur content.

Key information about United States Crude Oil: Production

• United States Crude Oil: Production was reported at 12,927.088 Barrel/Day th in Dec 2023
• This records an increase from the previous number of 11,910.573 Barrel/Day th for Dec 2022
• US Crude Oil: Production data is updated yearly, averaging 8,135.663 Barrel/Day th from Dec 1960 to 2023, with 64 observations
• The data reached an all-time high of 12,927.088 Barrel/Day th in 2023 and a record low of 4,999.727 Barrel/Day th in 2008
• US Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: Yearly

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

OPEC's crude output hits new heights, led by Iraq, Venezuela, and UAE. Learn more about the implications for the global oil market and future adjustments.

In 2023, crude oil production from OPEC countries amounted to roughly 34 million barrels of oil daily, slightly down from some 34.2 million barrels per day in the previous year. Between 1998 and 2023, figures increased by nearly 4.1 million barrels of oil per day, peaking at 37.5 million barrels per day in 2016.

Balance OPEC crude oil production Difference a b Global oil demand, supply, oil market balance and required amounts of OPEC crude nbsp World oil Demand World oil demand growth in 2018 was revised downward by around 20 tb d, primarily as a result of the slower than expected performance by non OECD Latin America and the Middle East during 2Q18 Hence, world oil demand growth is now pegged at 1 62 mb d, with total global consumption at 98 82 mb d World Oil SupplyNon OPEC oil supply in 2018 was revised down by 0 06 mb d from the previous MOMR to average 59 56 mb d, mainly due to a downward adjustment in the supply forecast for Brazil, the UK, India, Malaysia and China on lower than expected output in 2H18, which was partially offset by an upward revision in US supply Y o y growth was also revised down by 0 06 mb d to now stand at 2 02 mb d The US, Brazil, Canada, Kazakhstan and the UK are expected to be the main drivers for y o y growth, while Mexico and Norway will show the largest declines nbsp World EconomyGlobal economic growth forecasts remain robust for 2018 and 2019, at 3 8 and 3 6 , respectively While the growth levels are unchanged from last month, a number of offsetting developments, particularly rising challenges in some emerging and developing economies, are skewing the current global economic growth risk forecast to the downside Rising trade tensions, and the consequences of further potential monetary tightening by G4 central banks, in combination with rising global debt levels, are additional concerns

Crude Oil Production in Saudi Arabia increased to 9184 BBL/D/1K in May from 9005 BBL/D/1K in April of 2025. This dataset provides the latest reported value for - Saudi Arabia Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The United States produced the most oil in the world in 2024, at around ************ barrels of oil per day on average. Saudi Arabia and Russia followed as the second and third largest producers, and also rank amongst the top countries with highest oil exports. OPEC production share Many of the top oil-producing countries belong to the Organization of the Petroleum Exporting Countries, also known as OPEC. The group was founded in 1960 by five original members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. As of 2023, 15 nations belong to OPEC, and the organization holds powerful influence on the prices of oil, with some ** percent of the total global share of crude oil production coming from OPEC. Increased production in the United States The United States was not always the largest producer of oil, but imported oil at higher rates before the 2008 financial crisis. As foreign oil prices peaked during the Recession, investors sought to develop technology to extract more oil domestically, notably through hydraulic fracturing. Since then, oil production in the United States has nearly doubled, reducing the need for imports.

In April 2025, the average price of the OPEC basket was 68.98 U.S. dollars per barrel. This was a notable decrease compared to the previous month and the lowest value in the past 24 months. The OPEC basket is a weighted average of prices for petroleum blends produced by OPEC countries. OPEC stands for “Organization of the Petroleum Exporting Countries,” and was founded in 1960 in Baghdad, Iraq. The main aim of OPEC is to coordinate the oil policies of its members, and thus to have more influence on the international oil market. It is used as an important benchmark for crude oil prices. The OPEC basket oil price The OPEC crude oil price is defined by the price of the so-called OPEC (reference) basket. This basket is an average of the prices of petroleum blends that are produced by the OPEC members. The following countries are members of this organization: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, and Arab Light from Saudi Arabia. The OPEC reference basket includes both heavy and light crude oils, and is heavier than most other crudes. OPEC's oil production amounted to 34 million barrels per day in 2023. Oil price benchmarks The OPEC basket is one of the most crucial benchmarks for crude oil pricing worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. Looking at the OPEC price within the last two years, the highest price was some 94.6 U.S. dollars per barrel in September 2023.

The global medium crude oil market is a significant sector within the broader energy landscape, exhibiting considerable dynamism. While precise market size figures are not provided, leveraging industry knowledge and observable trends, we can estimate the 2025 market value at approximately $500 billion USD, based on global crude oil production figures and the market share held by medium crude. A Compound Annual Growth Rate (CAGR) of, for example, 3% over the forecast period (2025-2033) suggests substantial growth, driven primarily by increasing global energy demand, particularly from developing economies in Asia and the Middle East. The rising demand for transportation fuels, coupled with continued expansion in the petrochemical and refining sectors, presents significant opportunities for market growth. However, the market is subject to certain constraints including fluctuating geopolitical events impacting supply chains, price volatility influenced by OPEC decisions and other macroeconomic factors, and ongoing pressure to transition to cleaner energy sources. Market segmentation shows that the 0.7%-1% sulfur content segment currently holds a larger market share than the 0.4%-0.6% sulfur content due to existing refining infrastructure and demand for heavier crudes in certain applications. Geographic distribution reveals a strong concentration in regions with substantial oil reserves such as North America, the Middle East & Africa, and Asia Pacific. Key players, including ExxonMobil, Shell, BP, and Saudi Aramco, dominate the market due to their substantial production capacities, refining infrastructure, and global reach. The competitive landscape is characterized by both cooperation (e.g., joint ventures in exploration and production) and competition (e.g., price wars and strategic acquisitions). Future market trends point to increasing investment in enhanced oil recovery techniques to extend the lifespan of existing fields and the potential emergence of alternative crude oil sources. Moreover, stricter environmental regulations might necessitate investments in technologies to reduce sulfur content in refined products, potentially favoring the lower-sulfur content segment. Overall, the medium crude oil market presents a complex interplay of growth drivers, market dynamics, and regulatory pressures, requiring careful navigation by market participants.

Key information about Venezuela Crude Oil: Production

• Venezuela Crude Oil: Production was reported at 892.000 Barrel/Day th in Jan 2025
• This records a decrease from the previous number of 910.000 Barrel/Day th for Dec 2024
• Venezuela Crude Oil: Production data is updated monthly, averaging 2,321.000 Barrel/Day th from Jan 2002 to Jan 2025, with 277 observations
• The data reached an all-time high of 2,995.000 Barrel/Day th in Oct 2002 and a record low of 337.000 Barrel/Day th in Jun 2020
• Venezuela Crude Oil: Production data remains active status in CEIC and is reported by Organization of the Petroleum Exporting Countries
• The data is categorized under World Trend Plus’s Association: Energy Sector – Table RB.OPEC.CO: Crude Oil Production: OPEC Members: Monthly

Crude Oil Production in Angola decreased to 1084 BBL/D/1K in November from 1147 BBL/D/1K in October of 2023. This dataset provides the latest reported value for - Angola Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The global crude oil market, valued at $3356.6 million in 2025, is projected to experience significant growth over the forecast period (2025-2033). While the precise CAGR is not provided, considering typical growth rates in the energy sector and recent market volatility, a conservative estimate of 2-4% CAGR seems plausible. This growth is fueled by several factors, including increasing global energy demand driven by industrialization and population growth in developing economies, particularly in Asia-Pacific. The transportation fuel segment remains the largest application area, consuming a substantial portion of global crude oil production. However, the petrochemical industry, utilizing crude oil derivatives like ethylene, butadiene, and benzene for plastics and other products, also contributes substantially to market demand. Furthermore, ongoing geopolitical events and evolving energy policies will continue to shape market dynamics, impacting prices and investment in upstream and downstream operations. Despite strong demand, the market faces several challenges. These include price volatility driven by geopolitical instability and supply disruptions, increasing pressure to transition to renewable energy sources, and concerns about the environmental impact of fossil fuels. The market is segmented by type (light distillates, light oils, medium oils, heavy fuel oil) and application (transportation fuel, petrochemicals including ethylene, acrylic, butadiene, benzene, toluene, and others). Major players such as Saudi Aramco, ExxonMobil, and BP dominate the market, leveraging their extensive production and refining capabilities. Regional distribution is geographically diverse, with North America, the Middle East & Africa, and Asia-Pacific representing significant consumption and production hubs. The competitive landscape is characterized by intense rivalry among major integrated oil companies and national oil companies. Strategic alliances, mergers, and acquisitions, and technological advancements will continue to reshape this dynamic and influential market.