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 OPEC
ALGERIA,
ANGOLA,
INDONESIA,
IRAN,
IRAQ,
KUWAIT,
LIBYA,
NIGERIA,
QATAR,
SAUDI ARABIA,
UNITED ARAB EMIRATES,
VENEZUELA
There are now 12 members of OPEC after Ecuador and Gabon
withdrew in 1992 and 1994 respectively and Angola joined in early 2007. OPEC was established in 1960
although it did not exercise an influence over the global industry until
1973. At this time the group controlled 50% of oil production. Its head
office is in Vienna.
With higher prices and the rise of offshore production
elsewhere OPEC’s global share fell. Output quotas were introduced in
1986 to prop up the oil price. Quotas lost their relevance in 2004 with
OPEC now producing near its full capacity but new quotas returned at the
end of 2006 when prices dropped and Angola joined the organisation.
However their effect is likely to be short-lived.
Oil demand in OPEC countries has been increasing steadily
due to the ready supply of low-tax gasoline, despite below average
levels of economic growth. Demand growth is forecast to continue at
rates matching the previous decade although after 2012 growth will
flatten off as global competition for tighter oil supplies begins. OPEC
countries, now producing at their maximum capacity, will wish to
maximise their export revenue.
Gas demand in OPEC countries will increase rapidly as
indigenous supplies are developed. These supplies are primarily destined
for export but new capacity will drive development of a local gas market
replacing oil in power generation.
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Population
545 million
Onshore area
(000's sq kms)
Offshore area
(000's sq kms)
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