OPEC

 

 

 

POPULATION: mm

AREA (on):  km2

OIL PEAK:  (forecast)

 

SUPPLY

There are now 12 members of OPEC after Ecuador and Gabon withdrew in 1992 and 1994 respectively, Angola and Ecuador rejoined in 2007 and 2008 and Indonesia withdrew. 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 OPECís global share fell. Output quotas were introduced in 1986 to prop up the oil price. Quotas lost their relevance in 2004 with OPEC then producing near its full capacity but new quotas returned at the end of 2006 when prices dropped and Angola joined the organisation. Restrictions were at higher levels in 2009. However their effect is likely to be short-lived with growth in output returning by 2011 although OPEC is expected to reach permanent plateau production before 2020

 

DEMAND

OPEC, with its rapidly growing economies and populations, has seen exceptional oil demand increases  - largely unaffected by higher prices due to subsidised gasoline. However declining oil prices in 2008 led to a sharp fall in demand as government revenues dropped.

 

Gas use too has been increasing rapidly where gas is available, especially in the Persian Gulf but the recession has hit industry in the Gulf particularly hard so that demand is currently flat. Over the long term gas demand is expected to grow substantially again, replacing oil wherever it can.

 

This is a simple forecast - detailed forecasts including offshore and onshore, deep water splits, sedimentary basins and major fields and drilling etc. can be purchased for most countries.

 

 

 

 

An onshore and offshore oil and gas production, consumption and drilling activity forecast report on this region can be commissioned,

including all relevant charts. Contact us for price and contents list.

 

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