Oil and Gas

Explainer: What is OPEC?

Industrial containers containing oil.

Oil is better known as a fuel used in transportation and to produce energy. Image: Pexels/Tom Fisk

Stefan Ellerbeck
Senior Writer, Forum Agenda
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A graph showing the top five crude oil producing countries, 1980-2022.
The US is the world’s biggest crude oil producer but is not a member of OPEC. Image: EIA

A graphic showing OPEC's share of the world crude oil reserves, 2021.
Venezuela holds almost a quarter of the world’s proven oil reserves. Image: OPEC

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Oil and GasEnergy Transition
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