OPEC net oil export revenue streams by country 2018

Saudi Arabia was the largest generator of net oil export revenue for the Organization of the Petroleum Exporting Countries (OPEC), totaling 237 billion U.S. dollars in 2018, compared to Iraq’s 91 billion U.S. dollars. Saudi Arabia is also the largest OPEC crude oil exporter, with about 7.37 million barrels of oil per day, compared to the 24.9 million barrels exported per day by all OPEC members. In total, the OPEC generated about 686 billion U.S. dollars in recent years.

What is the OPEC

The OPEC was founded in 1960 in Baghdad with just five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). In 2019, Qatar announced its withdrawal from the OPEC. Currently, there are 14 member countries, controlling about 82 percent of the world’s global crude oil reserves. OPEC’s market decisions have a significant influence on the global oil market as well as international relations, especially in times of civil unrest that can disrupt fuel supplies. The mission of the organization is to coordinate petroleum policies of its members and to ensure the stabilization of oil markets. The OPEC also provides information about the global oil market. The rise of natural gas, increasing energy independence in some regions, and efforts to fight climate change may signal uncertainties in the OPEC’s future.