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Briefing

OPEC Oil Supply

Appears in: Asia/Pacific, Europe, Frontier Markets, Latin America, Middle East and Africa, North America, Geostrategy, Markets, Gulf Cooperation Council, Saudi Arabia, Commodities, Energy, Energy Security and Policy, Oil, Oil and Energy

Critical Issues

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Background:

The Organization of Petroleum Exporting Countries (OPEC) cartel whose members account for 40% of global oil production and a majority of proven reserves cut production in late 2008 and early 2009 in an effort to bring the oil market fundamentals into balance. Cuts, led by Saudi Arabia, and helped by reductions in non-OPEC production, reduced some of the excess supply but inventories remain well above their historical levels. However, despite what OPEC and many analysts see as an oversupplied market, the oil price has been supported by an improved risk appetite, dollar weakening and nascent global economic recovery. Commodity intensive growth in EM has underpinned energy demand.

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