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.
|Country||Market Share (%)||Production
|>Market Share (%)||>Production
|Rest of the World||45||25.05||38||25.00|
a MBPD = million barrels per day
Sources: For 1973, S. Davis, Transportation Energy Databook Edition 19, Oak Ridge National Laboratory, September 1999, Table 1.2.