As a result, non-OPEC production usually has a cost disadvantage compared to OPEC production. Non-OPEC producers have often led in developing new production technology. In addition to non-OPEC crude oil production, natural gas production provides additional supplies of liquids, called natural gas liquids (NGLs).

The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela. Former OPEC members are Ecuador, Indonesia and Qatar.

Non-OPEC oil producers are crude oil-producing nations outside of the OPEC group and shale oil producers.

The current price of WTI crude oil as of May 21, 2021 is 63.58 per barrel.

13 Member Countries

Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.

The United States controlled oil prices for a majority of the previous century, only to cede it to the OPEC countries in the 1970s. Recent events, however, have helped to shift some of the pricing power back toward the U.S. and western oil companies, which led OPEC to form an alliance with Russia et al. to form OPEC+.

The Organization of Petroleum Exporting Countries (OPEC) is the world’s largest cartel. OPEC’s activities are legal because U.S. foreign trade laws protect it.

OPEC agreed to coordinate energy policies to ensure a fair price for their exported oil and a steady supply to the market. Because of this, there is less control over the market than there would be under a monopoly structure.

The largest markets for U.S. petroleum exports are Mexico and Canada, but the U.S. exports petroleum to 180 countries. The recent increase in domestic oil production, especially since 2010, has had a significant impact on U.S. petroleum imports and exports.

Iraq Petroleum Company