Info!
UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.

Energy Insight: Reserves: OPEC production & reserves (DSS03)

EI Knowledge; 14/02/2023

OPEC production

OPEC decreased oil production several times between 1980 and 1986 to maintain a higher oil price. By 1981 OPEC production had been overtaken by non-OPEC countries. In June 1985 OPEC output fell to a 20-year low with a share of 29% of the world total. This was partially driven by increases in output from emerging North Sea oil production. In September 1985 Saudi Arabia increased its output, causing an abundance of oil and lowering prices. In December 1985, OPEC members changed their policy, switching from one focused on maintaining a higher price to one that focused on maintaining market share.

By 1990, OPEC’s share of oil production had risen, and has not dropped below 34% since. But from a high of 45.18%, in 2016, there has been a decrease in production in most OPEC countries, especially Venezuela, and OPEC’s share in 2020 was down to 37.13%.

OPEC reserves

OPEC’s share of the world's proven oil reserves also fell slightly in recent years from a high of 81.9% in 2010 - to 79.9 in 2020 This fall was due in part to the increase in oil reserves reported by countries such as the USA; and Ecuador leaving OPEC at the start of 2020. Even so, due to intensive exploration and discovery as well as adopting industry best practices, OPEC have made significant additions to their oil reserves in recent years. The most notable increase has been in Venezuela where proven reserves have tripled since 2007, in part due to the discovery and exploration of the heavy crude oil reserves in the Orinoco Oil Belt.

The share of gas reserves has fallen more sharply, from a high of 49.6% in 2016 to 29.2% in 2020, mainly due to Qatar leaving OPEC after 2017– not compensated by The Republic of the Congo, and Equatorial Guinea joining.

References and further reading

OPEC annual statistical bulletin

BP statistical review of world energy

The Need for Strong Caveats on Proved Oil Reserves and on R?P Ratios.. RW Bentley, September 2018

Energy Insight details

EI Datasheet 03.xlsx
This content is for EI members only. Log in via top right corner of the page or join us today to access our full range of benefits, including full access to the Knowledge database content.

Keywords: Statistics - Oil - Production

Organisation: OPEC

Subjects: Resource use and management, Statistics, Oil and gas extraction, Crude oil, Natural gas, Oil and gas, Primary energy production, Oil production, Reserves