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Fact #109: December 13, 1999
OPEC and OPEC+ Market Shares

OPEC's share of the world petroleum market peaked at 55% in 1973. In 1998, world oil prices fell dramatically, and OPEC pledged a cut in production of 1.7 million barrels per day. Mexico, Norway, Russia, and Oman collectively pledged an additional 0.4 million bpd reduction, creating what can be called "OPEC+". At the time of this action, OPEC accounted for 42.5% of the world petroleum market. OPEC+ currently accounts for 62% of world oil production, representing a larger share than OPEC has ever achieved.

Graph: OPEC and OPEC+ Market Shares

Notes: ROW = Rest of World.  OPEC countries are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.  "+ countries" are Mexico, Russia, Norway and Oman. Data includes first 9 months of 1999.  Includes lease condensate. Excludes natural gas plant liquids.

Supporting Information

World Petroleum Market Share
  1973 1999
Country Market Share (%) Production
(MBPDa)		 Market Share (%) Production
(MBPDa)
OPECb 55 30.63 42 27.83
+ Countriesc - - 20 12.83
Rest of the World 45 25.05 38 25.00

a MBPD = million barrels per day
b OPEC countries include Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, and Venezuela.
c "+ countries" include Mexico, Russia, Norway and Oman.

Sources: For 1973, S. Davis, Transportation Energy Databook Edition 19, Oak Ridge National Laboratory, September 1999, Table 1.2. 
For 1999, U.S. Department of Energy, International Petroleum Monthly, http://www.eia.doe.gov/emeu/ipsr/contents.html, table 1.1a-c, accessed Dec. 13, 1999.

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