OPEC

Main article: Oil and gas production

As of 2025, the OPEC + group includes 12 members of the OPEC organization, created to coordinate oil production in order to stabilize markets, as well as 11 more large oil producing countries, among which Russia is the largest.

2025

Brazil joins OPEC +

The Brazilian government on February 18, 2025 approved joining OPEC +, a group of major oil exporting countries, signaling the country's transformation into a major oil power.

Brazil is the seventh largest oil producer in the world, with daily production of about 4.3 million barrels, or 4% of global production.

OPEC shuttle production reduced by 1.3 million barrels per day in 6 years

In January 2025, OPEC members produced 32.5 million b/d, for the year + 0.4 million b/d, and by January 19 a reduction of 1.3 million b/d.

The current level of OPEC production is at the level of 20 years ago, and the dominance in the structure of world production near the historical minimum is 31.7%, which is comparable to the beginning of 2021, when strict restrictions were in effect. The average share in 2019 was 33.1%, and in 2006-2008 over 38.2%.

Mostochnik: Spydell Finance

If you include in the expanded composition of OPEC: Russia, Kazakhstan, Qatar, Angola, Oman, Azerbaijan, Ecuador, Bahrain, the total production of the expanded composition of OPEC is 50.1 million bpd, almost half of the world.

However, the expanded composition of OPEC at the beginning of 2025 produces the same amount of oil as in 2006-2007, i.e. over 20 years, zero progress. The peak of production was in Nov. 16 at the level of 55.2 million b/d.

For 6 years, the expanded composition of OPEC reduced production by 3.3 million bpd!

2024: Angola withdraws from OPEC

In 2024, Angola left OPEC.

2020

OPEC + countries account for 57% of total oil production

World oil production before the COVID-19 pandemic in 2020 was 95 million barrels. per day, which was provided by

• countries as part of OPEC + (54 million barrels. per day, 57% of the total),
• US shale companies (7.8 million barrels, 8%) and
• all others, or "others" (33 million barrels, 35%).

At the beginning of 2020, OPEC + deliberately reduced production amid falling demand and normalized storage overflow, gradually increased volumes when demand recovered, and it accounts for almost all global idle capacity. Shale producers in the United States have turned into a key player over the past decade, adding a shocking 7 million barrels from 2009 to 2019. per day.

Ecuador withdraws from OPEC

In 2020, Ecuador decided to leave OPEC.

2019: Qatar withdraws from OPEC

In 2019, Qatar withdrew from OPEC.