Fact #114: January 31, 2000
OPEC and OPEC+ Resource Shares
In 1999, OPEC accounted for 42% of world oil production. Responding to low oil prices early that year, Mexico, Norway, Russia, and Oman joined OPEC in cutting production. This group of oil countries, referred to here as OPEC+, account for 62% of world oil production. OPEC+ controls the majority of world oil and gas reserves, including inexpensive vented and flared gas.
Note: OPEC countries currently include Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Indonesia, Libya, United Arab Emirates, Algeria, and Nigeria.
Supporting Information
| OPEC | OPEC+ | |
|---|---|---|
| World Oil Production, 1999 | 42% | 62% |
| Oil Reserves | 78% | 88% |
| Natural Gas Reserves | 44% | 80% |
| Vented and Flared Gas | 73% | 78% |
|
Oil production, US DOE Energy Information Administration, International Petroleum Monthly, January 2000, http://www.eia.doe.gov/emeu/ipsr/supply.html | ||
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