Opec share of world crude oil reserves 2020
As a result of the outcome of the March 6 OPEC meeting, EIA’s forecast assumes that OPEC will target market share instead of a balanced global oil market. EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020. OPEC produced approximately 41.9 percent of the world’s total crude oil in 2018 and sold it at an average price of around 69.8 U.S. OPEC - share of global crude oil reserves 2009-2018 OPEC’s World Oil Outlook (WOO) is part of the Organization’s commitment to market stability. The publication is a means to highlight and further the understanding of the many possible future challenges and opportunities that lie ahead for the oil industry.