Saudi Arabia is the largest generator of net oil export revenue for the Organization of the Petroleum Exporting Countries (OPEC). In 2022, its oil export revenues totaled 311 billion U.S. dollars, compared to Iraq’s 131 billion U.S. dollars. Saudi Arabia is also the largest OPEC crude oil exporter, at over six million barrels per day. In total, the OPEC' export revenue stream was forecast to reach 682 billion U.S. dollars in 2024.
What is the OPEC?
The OPEC was founded in 1960 in Baghdad with just five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela). Currently, there are 13 member countries, controlling about 80 percent of the world’s global crude oil reserves. OPEC’s market decisions have a significant influence on the global oil market as well as international relations, especially in times of civil unrest that can disrupt fuel supplies. The mission of the organization is to coordinate petroleum policies of its members and to ensure the stabilization of oil markets. The OPEC also provides information about the global oil market. The rise of natural gas, increasing energy independence in some regions, and efforts to fight climate change may signal uncertainties in the OPEC’s future.
