Oil and Gas Producers in the Middle East/OPEC’s Massive Share of Global Production Includes Certain Nations in Africa and South America

Middle Eastern countries and the Organization of the Petroleum Exporting Countries (OPEC) in total accounted for roughly 38% of global oil production and 16% of gas production as of 2021. Some of the top producers include Saudi Arabia, Iraq, Iran, the United Arab Emirates (UAE), Kuwait and Qatar. OPEC is often thought of as a Middle East organization, but in fact it includes members that are outside of the region, including certain nations in Africa and South America. OPEC membership has remained fairly stable but has altered slightly from time to time. In addition, Russia has a special relationship with OPEC, referred to as OPEC+. Russia often cooperates with formal OPEC members in following per-nation production quotas that are proscribed by OPEC. It is noteworthy to note that Qatar, a major Middle Eastern gas producer, is not an OPEC member.

OPEC was planned and organized in 1965 through 1968. By 1969, membership had increased to 10 nations. The focus was on wresting control of domestic oil and gas production from foreign operators and dramatically increasing the income of OPEC member governments. Political leaders and revolutionaries saw control of oil and gas revenues and employment as keys to power. Over time, oil and gas production was nationalized by governments in such nations as Iran and Libya. (Iranians had voted to revoke the contractual rights of British oil firms, during dramatic political changes in 1951, and eventually established the National Iranian Oil Company. Later, a revolution overthrew the Iranian government in 1979 and established new leadership under Ayatollah Khomeni. Elsewhere, Muammar Gaddafi seized control of the Libyan government in a 1969 coup.) Operating as a cartel, OPEC attempts to cooperatively control total production by its members in response to global demand, thus maintaining a higher level of prices than might otherwise exist.

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Oil and Gas Producers in the Middle East/OPEC’s Massive Share of Global Production Includes Certain Nations in Africa and South America, Business and Industry Trends Analysis

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