Share of OPEC and the Persian Gulf in the World Crude Oil Production, 1960-2016

Share of OPEC and the Persian Gulf in the World Crude Oil Production 1960 2016

Source: BP Statistical Review of World Energy. Persian Gulf includes Iran, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates.

Since the first Oil Shock (1973), the share of world oil production controlled by OPEC members fluctuated to a peak of 52% in 1973 to a low of 28% in 1985, and recovered around 40%, a share that was maintained since then. OPEC countries are dominantly around the Persian Gulf and about 25-30% of the global oil production takes place in that region, underlining its strategic importance. Although OPEC countries account for a sizable share of global oil output, the bulk of oil production takes place in non-member countries. Further, OPEC production policies are far from being coordinated as members may not abide to quota agreements.