The Organization of Petroleum Exporting Countries (OPEC) saw its share of global crude oil production decline year on year to 39% in 2019, according to OPEC's Annual Statistical Bulletin 2020 released on Monday.
Total crude oil production worldwide averaged 75.26 million barrels per day (bpd) in 2019, marking a decline of 560,000 bpd, or 0.74%, from the 2018 level of 75.82 million bpd.
OPEC's annual average crude oil production stood at 29.37 million bpd last year -- a decrease of 1.86 million bpd, or 5.96%, from 31.23 million bpd the year before. This brought down OPEC's share of global crude oil production down to 39% in 2019, compared to 41.2% in 2018.
- Iran and Venezuela see largest decline
Among OPEC member countries, Iran and Venezuela saw the largest year-over-year percentage decline in crude oil production.
Iran's crude oil output averaged 3.55 million bpd in 2018, but fell by 1.2 million bpd, or around 33.7%, to approximately 2.35 million bpd in 2019, largely due to US sanctions on the country, which were reintroduced in November 2018.
US sanctions on Venezuela's state-owned oil company PDVSA in January 2019 also had a negative impact on the South American nation.
The country, which has the world's largest proved crude oil reserves, saw its output decline from 1.51 million bpd in 2018 to 1.01 million bpd in 2019 -- to post a 0.5 million bpd, or a 33% decrease.
- US on top in crude output
The extensive use of new oil exploration and production technics in the US, including hydraulic fracturing and horizontal drilling, launched the shale revolution in 2008 to elevate the US to the top global crude oil producer spot.
Last year, US crude oil production averaged 12.23 million bpd, marking a whopping 11.3% rise, equivalent to a boost of 1.24 million bpd from the previous year when it stood at 10.99 million bpd.
Russia ranked second in crude oil production last year with an output average of 10.62 million bpd -- an increase of 0.1 million bpd, or 0.9%, from 2018.
OPEC heavyweight Saudi Arabia, however, saw its crude oil production decline to 9.81 million bpd in 2019, down by 0.51 million bpd, or approximately 4.94% from the 10.32 million bpd recorded in 2018.
The United States' annual crude oil production surpassed Saudi Arabia and Russia in 2018.
By Ovunc Kutlu