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Crude oil is the world's most actively traded commodity. Crude Oil prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you only with a reference, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides - Crude oil - actual values, historical data, forecast, charts, statistics, economic calendar and news. It was last updated on November, 2017.
The number one traded commodity in the world is oil, also known as the “ Black Gold ”, or “King of commodities”, Crude Oil prices are traded over-the-counter (OTC) and are also available as a CFD for our clients. Historically, Crude oil reached an all-time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946.
The Organization of the Petroleum Exporting Countries (OPEC) was founded in 1960 in Baghdad. The first five members were: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Throughout the years OPEC has grown larger and larger, adding more countries to its ranks, reaching a total of 14 members. 9 new ones: Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Libya, Nigeria, Qatar and the United Arab Emirates.
From the five founders of OPEC we have Venezuela, which is defaulting on its sovereign debt, Iraq being torn apart by the American war, and Kuwait taking the role of the world´s eighth biggest exporter and the tenth largest producer of oil, it is really up to Saudi Arabia as well as Iran to dictate the tune for oil prices.
As of 2016, the 14 countries accounted for an estimated 44 percent of global oil production and 73 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by American-dominated multinational oil companies.
How much oil does the five founders of OPEC produce?
Well, to answer to that question, you first have to know what is BBL/D/1K, since oil production has its own terminology. So, this is how you read it: “Bbl” is a standard barrel, while the “D” is stands for day, and the 1k represent thousands.
OPEC members average crude oil production of 2017:
◊ Starting with the biggest oil production member, Saudi Arabia with an average of 10200 BBL/D/1K.
◊ On the Second place we have Iraq with an average of 4600 BBL/D/1K.
◊ For the third place we have Iran with an average of 3650 BBL/D/1K.
◊ Going to the fourth place we got Kuwait with an average of 2800 BBL/D/1K
Finally, in the last place among the OPEC group, we got Venezuela with an average of 2300 BBL/D/1K.