Country

Regi
on

Members
hip
Years[8]

Populati
on
(2015 est.)

Area
(km)[10]

[9]

Oil
Producti
on
(bbl/day,
2015)[A][4]

Proven
Reserves
(bbl, 2015)[A][5]
[11]

Algeria

Africa

1969

39,542,166

2,381,740

1,370,000

12,200,000,00
0

Angola

Africa

2007

19,625,353

1,246,700

1,842,000

9,010,000,000

Ecuado

South
19731992,
America 2007

15,868,396

283,560

543,000

8,830,000,000

Gabon

Africa

19751994,
2016

1,705,336

267,667

213,000

2,000,000,000

Indone

Southe
ast Asia

19622008,
2016

255,993,67
4

1,904,569

786,000

3,690,000,000

Iran

Middle
East

1960[B]

81,824,270

1,648,000

3,300,000

157,800,000,0
00

Iraq

Middle
East

1960[B]

37,056,169

437,072

4,054,000

144,200,000,0
00

Kuwait

Middle
East

1960[B]

2,788,534

17,820

2,562,000

104,000,000,0
00

Libya

Africa

1962

6,411,776

1,759,540

404,000

48,360,000,00
0

Nigeria

Africa

1971

181,562,05
6

923,768

2,317,000

37,070,000,00
0

Qatar

Middle
East

1961

2,194,817

11,437

1,532,000

25,240,000,00
0

sia

Members
hip
Years[8]

Regi
on

Country

Populati
on
(2015 est.)

Area
(km)[10]

[9]

Oil
Producti
on
(bbl/day,
2015)[A][4]

Proven
Reserves
(bbl, 2015)[A][5]
[11]

Saudi
Arabia

Middle
East

1960[B]

27,752,316

2,149,690

10,046,000

268,290,000,0
00

United
Arab
Emirates

Middle
East

1967[C]

5,779,760

83,600

2,820,000

97,800,000,00
0

South
1960[B]
America

29,275,460

912,050

2,500,000

298,350,000,0
00

OPEC Total

707,380,08
3

14,027,21
3

34,288,000

1,216,840,000,
000

World Total

7,256,490,
011

510,072,0
00

80,043,000

1,656,130,000,
000

OPEC Percent

10%

3%

43%

73%

Venezu
ela

Iraq facts and figures

Iraq
Sharing borders with three other OPEC Member Countries the Islamic Republic
of Iran, Kuwait and Saudi Arabia Iraq covers an area of around 438
thousand square kilometres. It has a population of almost 37 million, one fifth of
which lives in the capital, Baghdad. Most Iraqis speak Arabic, although Kurdish is
also used especially in the northern part of the country.
Iraq attained its independence as a Kingdom in 1932. In 1958, a military coup
dtat ended the monarchy, making Iraq a republic.

Apart from petroleum, Iraqs other natural resources include natural gas,
phosphates and sulphur. Its national currency is the dinar. The country has a
varied landscape, which includes areas of desert, mountains and fertile regions.
Iraqs President is HE Fuad Masum. The country is a Founder Member of OPEC.
Did you know?

Baghdad was the largest multicultural city of the Middle Ages and was the
centre of learning during the Islamic Golden Age.

Iraqs Kirkuk oilfield consists of three domes Baba, Avanah and

Khurmala. It was at the Baba dome that the countrys first productive oil
well was drilled in 1927.

Below data covers 2015

Population (million inhabitants)

36.932

Land area (1,000 sq km)

438

Population density (inhabitants per sq km)

84

GDP per capita ($)

4,588

GDP at market prices (million $)

169,46
0

Value of exports (million $)

54,667

Value of petroleum exports (million $)

54,394

Current account balance (million $)

-134

Proven crude oil reserves (million barrels)

142,50
3

Proven natural gas reserves (billion cu. m.)

3,158.0

Crude oil production (1,000 b/d)

3,504.1

Marketed production of natural gas (million cu.

1,001.9

m.)
Refinery capacity (1,000 b/cd)

900.0

Output of refined petroleum products (1,000 b/d)

444.7

Oil demand (1,000 b/d)

685.9

Crude oil exports (1,000 b/d)

3,004.9

Exports of petroleum products (1,000 b/d)

13.7

Kuwait facts and figures

Kuwait's National Day

25 February
Located on the Arabian Peninsula bordering Saudi Arabia and Iraq, Kuwait is one of the most densely populated
OPEC Member Countries. The Middle Eastern nation comprises an area of around 18 thousand square
kilometres and has a population of over 4.2 million. Its official language is Arabic.
Kuwait has a prosperous economy. Oil and gas sector accounts for about 60 per cent of its gross domestic
product and about 95 per cent of export revenues.
The Emir of Kuwait is HH Sheikh Sabah Al-Ahmad Al-Sabah. The country is a Founder Member of OPEC.
Did you know?

Failaka Island is considered the most beautiful of Kuwaits islands. Its history dates back to the early
Stone Age.

In 1938, the Kuwait Oil Company drilled the countrys first commercial oil well in the Al Burqan oilfield.
The commercial export of crude oil began in 1946.
Below data covers 2015
Population (million inhabitants)
Land area (1,000 sq km)
Population density (inhabitants per sq km)
GDP per capita ($)
GDP at market prices (million $)

4.239
18
238
28,469
120,682

Value of exports (million $)

54,959

Value of petroleum exports (million $)

48,782

Current account balance (million $)

14,140

Proven crude oil reserves (million barrels)

101,500

Proven natural gas reserves (billion cu. m.)

1,784.0

Crude oil production * (1,000 b/d)

2,858.7

Marketed production of natural gas (million cu. m.)

Refinery capacity (1,000 b/cd)

16,909.0
936.0

Output of refined petroleum products (1,000 b/d)

Oil demand (1,000 b/d)

1,013.2
345.7

Crude oil exports (1,000 b/d)

1,963.8

Exports of petroleum products (1,000 b/d)

739.4

Saudi Arabia facts and figures

Saudi Arabia's National Day

23 September
The Middle Eastern Kingdom of Saudi Arabia straddles the Arabian Peninsula, bordered by Jordan, Kuwait and
Iraq in the north and Oman and Yemen in the south. It is the 14th largest country in the world covering around
two million square kilometres, making it the second largest OPEC Member Country. Saudi Arabia has a
population of over 31 million, more than three and a half million of whom live in the capital, Riyadh. Arabic is the
official language.
Saudi Arabia possesses 18 per cent of the worlds proven petroleum reserves and ranks as the largest exporter
of petroleum. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 85 per
cent of export earnings. Apart from petroleum, the Kingdoms other natural resources include natural gas, iron
ore, gold, and copper.
The national currency is the riyal.
The Sovereign is the Custodian of the Two Holy Mosques HM King Salman Bin Abdulaziz Al-Saud. Saudi Arabia
is a Founder Member of OPEC.
Did you know?

Saudi Arabia is home to the worlds largest continuous sand desert the Rub Al-Khali, or Empty
Quarter.

Oil was first struck in Saudi Arabia in March 1938, at a depth of 1,440 metres in the Dammam oilfield.
Below data covers 2015
Population (million inhabitants)
Land area (1,000 sq km)
Population density (inhabitants per sq km)

31.016
2,150
14

GDP per capita ($)

21,061

GDP at market prices (million $)

653,219

Value of exports (million $)

205,447

Value of petroleum exports (million $)

157,962

Current account balance (million $)

-41,307

Proven crude oil reserves (million barrels)

266,455

Proven natural gas reserves (billion cu. m.)

8,588.2

Crude oil production *(1,000 b/d)

10,192.6

Marketed production of natural gas (million cu. m.)

104,450.0

Refinery capacity (1,000 b/cd)

2,907.0

Output of refined petroleum products (1,000 b/d)

2,480.5

Oil demand (1,000 b/d)

3,318.7

Crude oil exports (1,000 b/d)

7,163.3

Exports of petroleum products (1,000 b/d)

1,154.7

U.S OIL PROUDUCTION

Year
Year

Jan
Jan

Feb
Feb

Mar
Mar

Apr
Apr

May
May

Jun
Jun

Jul
Jul

Aug
Aug

Sep
Sep

Oct
Oct

Nov
Nov

Dec
Dec

1920
1921
1922
1923
1924

1,097
1,230
1,410
1,694
1,848

1,145
1,269
1,476
1,735
1,927

1,167
1,326
1,522
1,838
1,940

1,165
1,341
1,506
1,967
1,994

1,181
1,361
1,516
2,012
1,995

1,222
1,352
1,536
2,095
1,986

1,218
1,305
1,520
2,127
1,998

1,255
1,326
1,518
2,143
2,013

1,251
1,225
1,527
2,177
2,013

1,277
1,156
1,562
2,178
1,951

1,287
1,270
1,601
2,180
1,893

1,257
1,360
1,634
1,921
1,853

1925
1926
1927
1928
1929

1,736
1,935
2,315
2,348
2,647

1,735
1,960
2,433
2,364
2,695

1,729
1,964
2,436
2,404
2,660

1,730
2,012
2,438
2,413
2,680

1,722
2,027
2,479
2,428
2,726

1,731
2,060
2,510
2,423
2,780

1,682
2,102
2,541
2,438
2,945

1,684
2,162
2,542
2,510
2,973

1,719
2,193
2,530
2,549
2,915

1,670
2,247
2,501
2,573
2,853

1,664
2,330
2,483
2,537
2,625

1,601
2,343
2,418
2,564
2,610

1930
1931
1932
1933
1934

2,569
2,121
2,162
2,102
2,323

2,653
2,162
2,156
2,188
2,335

2,523
2,240
2,176
2,425
2,433

2,583
2,429
2,264
2,190
2,522

2,598
2,478
2,221
2,795
2,580

2,569
2,500
2,171
2,813
2,655

2,481
2,523
2,150
2,752
2,624

2,414
2,194
2,147
2,758
2,552

2,374
2,146
2,184
2,611
2,525

2,351
2,364
2,116
2,454
2,471

2,265
2,449
2,121
2,332
2,413

2,160
2,365
1,880
2,328
2,413

1935
1936
1937
1938

2,539
2,865
3,180
3,420

2,599
2,832
3,328
3,381

2,629
2,922
3,443
3,436

2,614
3,016
3,499
3,423

2,660
3,024
3,578
3,183

2,745
3,006
3,527
3,143

2,758
2,970
3,572
3,319

2,736
3,067
3,713
3,425

2,804
3,032
3,666
3,289

2,844
3,090
3,578
3,285

2,883
3,034
3,474
3,286

2,862
3,150
3,438
3,300

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1939

3,306

3,338

3,444

3,517

3,566

3,487

3,579

2,609

3,606

3,684

3,730

3,704

1940
1941
1942
1943
1944

3,782
3,569
4,137
3,786
4,377

3,738
3,600
4,070
3,875
4,443

3,921
3,639
3,693
3,924
4,413

3,967
3,703
3,502
3,970
4,453

3,995
3,773
3,555
3,999
4,554

3,977
3,834
3,620
4,004
4,575

4,113
3,815
3,606
4,117
4,563

4,214
3,915
3,885
4,219
4,691

4,347
3,982
3,860
4,352
4,766

4,403
4,069
3,881
4,414
4,739

4,455
4,112
3,870
4,461
4,749

4,360
4,138
3,888
4,364
4,688

1945
1946
1947
1948
1949

4,756
4,625
4,672
5,293
5,388

4,767
4,719
4,811
5,365
5,382

4,804
4,414
4,909
5,415
5,239

4,807
4,673
4,980
5,491
5,011

4,877
4,785
5,034
5,507
4,976

4,859
4,896
5,102
5,548
4,909

4,897
4,922
5,141
5,528
4,695

4,877
4,836
5,176
5,581
4,786

4,423
4,790
5,256
5,441
4,943

4,284
4,785
5,324
5,644
5,015

4,517
4,822
5,290
5,693
5,217

4,472
4,725
5,340
5,722
5,027

1950
1951
1952
1953
1954

4,933
5,917
6,221
6,555
6,240

4,969
5,934
6,373
6,542
6,380

4,881
6,057
6,359
6,517
6,508

4,972
6,129
6,431
6,398
6,617

5,147
6,181
5,089
6,391
6,472

5,377
6,135
6,190
6,588
6,499

5,486
6,149
6,096
6,604
6,261

5,684
6,243
6,218
6,596
6,142

5,890
6,267
6,520
6,552
6,144

5,904
6,392
6,503
6,249
6,120

5,893
6,283
6,461
6,271
6,346

5,725
6,193
6,642
6,237
6,391

1955
1956
1957
1958
1959

6,761
7,198
7,472
6,880
7,223

6,834
7,210
7,677
6,820
7,194

6,886
7,279
7,693
6,277
7,188

6,889
7,147
7,546
6,300
7,256

6,680
7,063
7,434
6,232
7,220

6,595
7,100
7,110
6,339
7,083

6,633
7,089
6,864
6,571
6,784

6,665
7,195
6,779
6,936
6,766

6,735
7,053
6,893
7,088
6,857

6,834
6,954
6,840
6,964
6,911

7,015
7,148
6,842
6,975
6,982

7,157
7,377
6,924
7,138
7,193

1960
1961
1962
1963
1964

7,230
7,210
7,347
7,304
7,624

7,241
7,296
7,467
7,587
7,688

7,128
7,471
7,376
7,558
7,712

7,038
7,328
7,391
7,609
7,739

6,848
7,147
7,193
7,564
7,572

6,939
7,103
7,257
7,562
7,560

6,860
6,958
7,226
7,585
7,473

6,940
7,104
7,234
7,640
7,449

6,971
6,995
7,320
7,507
7,532

6,958
7,127
7,367
7,536
7,623

7,133
7,152
7,441
7,544
7,634

7,150
7,311
7,381
7,511
7,770

1965
1966
1967
1968
1969

7,773
8,047
8,567
9,028
8,888

7,808
8,240
8,620
9,325
8,928

7,863
8,294
8,544
9,319
9,055

7,895
8,272
8,475
9,123
9,238

7,686
8,344
8,385
9,205
9,356

7,748
8,346
8,539
9,144
9,631

7,665
8,230
9,154
9,156
9,295

7,748
8,252
9,435
9,134
9,067

7,418
8,254
9,095
8,932
9,295

7,875
8,323
9,000
8,916
9,213

7,988
8,427
8,978
8,969
9,346

8,180
8,511
8,908
8,906
9,528

1970
1971
1972
1973
1974

9,478
9,655
9,114
9,176
8,934

9,570
9,729
9,336
9,395
9,142

9,508
9,768
9,462
9,272
8,965

9,591
9,769
9,513
9,292
8,954

9,523
9,645
9,614
9,262
8,911

9,359
9,604
9,522
9,214
8,780

9,202
9,456
9,496
9,217
8,780

9,560
9,411
9,483
9,169
8,699

9,853
9,135
9,508
9,065
8,443

10,013
9,162
9,482
9,224
8,611

10,044
9,139
9,426
9,161
8,569

9,944
9,100
9,335
9,063
8,527

1975
1976
1977
1978
1979

8,455
8,232
7,854
8,360
8,475

8,591
8,231
8,139
8,377
8,525

8,493
8,232
8,090
8,720
8,601

8,457
8,077
8,145
8,818
8,553

8,379
8,125
8,075
8,825
8,601

8,421
8,094
8,102
8,832
8,432

8,336
8,127
8,105
8,756
8,364

8,249
8,111
8,307
8,758
8,548

8,280
8,150
8,480
8,800
8,523

8,324
8,063
8,573
8,820
8,621

8,278
8,080
8,579
8,741
8,761

8,254
8,061
8,487
8,662
8,615

1980
1981
1982
1983
1984

8,675
8,540
8,509
8,697
8,868

8,705
8,604
8,702
8,758
8,874

8,698
8,613
8,667
8,700
8,672

8,685
8,557
8,591
8,776
8,862

8,635
8,501
8,683
8,631
8,955

8,554
8,629
8,646
8,667
8,852

8,547
8,500
8,658
8,636
8,885

8,414
8,583
8,634
8,679
8,809

8,619
8,604
8,701
8,784
8,993

8,532
8,563
8,701
8,771
8,906

8,495
8,586
8,697
8,770
8,979

8,606
8,585
8,598
8,397
8,897

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1985
1986
1987
1988
1989

8,740
9,137
8,480
8,250
7,937

9,025
9,173
8,389
8,374
7,788

9,095
9,013
8,464
8,374
7,575

9,043
8,864
8,498
8,288
7,772

9,132
8,838
8,336
8,229
7,816

9,022
8,623
8,279
8,170
7,624

8,949
8,660
8,251
8,040
7,444

8,803
8,374
8,210
8,079
7,544

8,954
8,328
8,205
7,895
7,548

8,970
8,419
8,364
8,023
7,453

8,902
8,412
8,397
8,023
7,536

9,030
8,352
8,318
7,942
7,337

1990
1991
1992
1993
1994

7,546
7,500
7,361
6,961
6,817

7,497
7,637
7,389
6,943
6,770

7,433
7,546
7,348
6,974
6,746

7,407
7,509
7,293
6,881
6,612

7,328
7,409
7,169
6,847
6,688

7,106
7,320
7,167
6,795
6,611

7,173
7,347
7,131
6,688
6,501

7,287
7,316
6,922
6,758
6,544

7,224
7,368
7,030
6,712
6,609

7,542
7,437
7,126
6,839
6,658

7,387
7,328
7,024
6,912
6,628

7,338
7,299
7,103
6,858
6,760

1995
1996
1997
1998
1999

6,682
6,495
6,402
6,541
5,963

6,794
6,577
6,514
6,476
5,966

6,600
6,571
6,452
6,408
5,883

6,604
6,444
6,441
6,483
5,887

6,629
6,394
6,474
6,347
5,875

6,579
6,458
6,442
6,267
5,760

6,449
6,338
6,409
6,194
5,798

6,447
6,360
6,347
6,203
5,780

6,416
6,482
6,486
5,789
5,804

6,421
6,481
6,467
6,143
5,947

6,585
6,476
6,459
6,140
5,960

6,530
6,506
6,531
6,043
5,959

2000
2001
2002
2003
2004

5,784
5,799
5,873
5,755
5,585

5,852
5,780
5,881
5,783
5,572

5,918
5,880
5,886
5,803
5,617

5,854
5,863
5,844
5,726
5,560

5,847
5,829
5,905
5,663
5,556

5,823
5,766
5,884
5,659
5,407

5,739
5,749
5,751
5,498
5,484

5,789
5,725
5,796
5,574
5,325

5,758
5,709
5,411
5,609
5,081

5,809
5,746
5,358
5,614
5,170

5,833
5,881
5,624
5,547
5,423

5,855
5,887
5,722
5,571
5,510

2005
2006
2007
2008
2009

5,446
5,049
5,105
5,114
5,143

5,501
5,033
5,118
5,148
5,245

5,601
5,028
5,120
5,193
5,217

5,563
5,083
5,184
5,157
5,286

5,596
5,151
5,205
5,147
5,384

5,442
5,164
5,073
5,137
5,274

5,253
5,095
5,037
5,179
5,400

5,198
5,041
4,985
5,008
5,374

4,214
5,030
4,902
3,980
5,562

4,555
5,109
5,054
4,740
5,517

4,857
5,065
5,036
5,087
5,387

4,988
5,187
5,109
5,113
5,453

2010
2011
2012
2013
2014

5,391
5,486
6,142
7,073
8,033

5,545
5,390
6,240
7,091
8,127

5,503
5,601
6,224
7,157
8,262

5,382
5,545
6,243
7,374
8,605

5,389
5,605
6,302
7,291
8,604

5,379
5,569
6,259
7,254
8,718

5,297
5,420
6,418
7,458
8,815

5,439
5,635
6,359
7,515
8,876

5,608
5,562
6,556
7,734
9,047

5,619
5,855
6,933
7,663
9,233

5,565
5,970
7,017
7,846
9,307

5,598
6,033
7,078
7,793
9,496

2015

9,379

9,517

9,566

9,627

9,472

9,418

9,384

9,423

9,358

9,304

9,226

2016

9,194

9,147

9,174

8,946

8,894

9,320
8,701

Total Oil Production 2013

(million bbl/d)
Country

Production

As % of Total

United States

12.31

13.67%

Saudi Arabia

11.59

12.87%

Russia

10.53

11.70%

China

4.46

4.95%

Canada

4.07

4.52%

United Arab Emirates

3.23

3.59%

Iran

3.19

3.54%

Iraq

3.06

3.40%

Mexico

2.91

3.23%

Kuwait

2.81

3.12%

Source: EIA
United States
The United States surpassed Saudi Arabia to emerge as the top oil producing country in
2013 with an average of 12.3 million bbl/d which is a whopping 13.67% of the oil
produced daily across the world. During the years 2009-2011, the U.S. was at the third
spot after Russia and Saudi Arabia, who tussled for the top spot. During 2012, the U.S.
overtook Russia to be at the second place trailing behind Saudi Arabia. Much of the
increased production can be owed to the shale formations at Texas and North Dakota
have witnessed soaring oil extraction with the use of fracking techniques. Texas and
North Dakota, California, Alaska and Oklahoma are considered the top five oil producing
states in the U.S. The share of the U.S. in the worlds total oil production is reflected in
the table below. The U.S. oil production share has gradually moved up over the years
averaging at 11.88% during 2009-2013.

source
http://www.investopedia.com/articles/active-trading/100714/worlds-top-oilproducers.asp

OPEC vs the U.S.: Who

Controls Oil Prices?
By Rakesh Sharma | August 13, 2015 7:13 AM EDT
Oil prices have boomeranged from more than $100 to less than $45 in the last
year. The U.S. shale oil boom, sanctions against Russia, and the rise of
alternate sources of energy has undercut OPEC's influence on oil prices.
These developments are a setback for the oil cartel that has controlled oil
prices for the last four decades.
This wasn't always the case. Up until the middle of last century, the United
States was the largest producer of oil and controlled oil prices. Here we look at
the historical battle between OPEC and the United States to control oil prices
and how world events influence that struggle.

The Early Years

Oil was first commercially extracted and put to use in the United States;
consequently, pricing power for the fuel lay with the United States, which was,
at that time, the largest producer of oil in the world. In general, oil prices
were volatile and high during the early years because economies of
scale during extraction and refining (which mark the current extraction and
drilling processes) were not present. For example, in the early 1860s, the price
per barrel of oil reached a peak of US $120 in today's terms, partly due to
rising demandresulting from the U.S. civil war. The price fell by more than 60%
over the next 5 years and rose by 50% during the next 5 years.
The discovery of the Spindletop refinery in eastern Texas opened the
floodgates of oil in the U.S. economy. According to statistics, 1,500 oil
companies were chartered within a year of the discovery. Increased supply

and the introduction of specialized pipelines helped further reduce the price of
oil. The supply and demand for oil rose additionally with the discovery of oil in
Persia (present-day Iran) in 1908 and Saudi Arabia during the 1930s and
World War I, respectively.
The use of oil in weaponry and the subsequent European
coal shortage further ratcheted demand for oil, and prices came crashing
down to $40 in today's terms. American reliance on imported oil began during
the Vietnam war and the economic boom period of the 1950s and 1960s. In
turn, this provided Arab countries and OPEC (which had been formed in 1960
to counter the hegemony of Western oil companies) with increased leverage to
influence oil prices.

OPEC Gains the Upper Hand

The 1973 oil shock swung the pendulum in OPEC's favor. That year, in
response to U.S. support for Israel during the Yom Kippur War, OPEC and Iran
stopped oil supplies to the United States. The crisis had far-reaching effects on
oil prices. They have remained at high levels since.
OPEC controls oil prices through its pricing-over-volume strategy. According
to Foreign Affairs magazine, the oil embargo shifted the structure of the oil
market from a buyer's to a seller's market. In the magazine's view, the oil
market was earlier controlled by the Seven Sisters or seven Western oil
companies that operated a majority of the oil fields. Post 1973, however, the
balance of power, however, shifted towards the 12 countries that comprise
OPEC. According to them, What the Americans import from the Persian Gulf
is not so much the actual black liquid but its price.
The cartel derives its pricing power from two trends: absence of sources of
energy and a lack of viable economic alternatives in the energy industry. It
holds three-quarters of the world's conventional oil reserves and has the
world's lowest barrel production costs. This enables it to have a wide-ranging
influence over oil prices. Thus, when there is a glut of oil in the world, OPEC
cuts back on its production quotas. When there is less oil, it increases oil
prices to maintain stable levels of production.

A number of world events have helped OPEC maintain control over oil prices,
such as the disintegration of the Soviet Union in 1991; the resulting economic
tumult disrupted Russia's production for several years. The Asian economic
crisis had the opposite effect: It reduced demand. In both instances, OPEC
maintained a constant rate of oil production. (See also How Much Influence
Does OPEC Have On The Global Price Of Oil?)

The Future
But OPEC's monopoly over oil prices seems to be in danger of slipping.
The discovery of shale in America has helped the country achieve near-record
volumes of production. According to the Energy Information Administration,
U.S. oil production is estimated to peak at 9.7 million barrels this year. The last
time that production was this high was in 1972, when U.S. oil production
peaked at 9.6 million barrels per day.
Shale is also gaining popularity beyond American shores. For example, China
and Argentina have drilled more than 475 shale wells between them in the last
two years. Other countries, such as Poland, Algeria, Australia, and Colombia,
are also exploring the prospect of shale formations.
The Iran-U.S. nuclear deal is expected to further introduce more oil into the
market. Iran, which is not a member of OPEC, could reach 2.4 million barrels
of oil by 2016. Geopolitical tensions within the Middle East, such as the rise of
ISIS, whose leader has already called for the bombing of Saudi Arabia
(OPEC's largest oil producer), and Yemen's disintegration could also
destabilize oil supplies.
The spending habits of OPEC's Arab monarchies may also put downward
pressure on oil prices. For example, Arab monarchies, which produce the bulk
of OPEC's oil, are busy ramping up spending at home to avoid a repeat of
uprisings (such as those that occurred during the Arab Spring) in their
countries. Demand from developing economies, such as China and India, has
also skyrocketed, putting additional pressure on prices in the face of constant
production. (For more, see: Oil Price Analysis: The Impact Of Supply &
Demand.)

The Bottom Line

Theoretically, oil prices should be a function of supply and demand. When
supply and demand increase, prices should drop and vice versa. But the
reality is different. Oil's status as the preferred source of energy has
complicated its pricing. Demand and supply are only part of the complex
equation that has generous elements of geopolitics and environmental
concerns.
Regions that hold pricing power over oil control vital levers of the world's
economy. 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, may end up with the pricing power swinging back towards the United
States and Western oil companies.

source
http://www.investopedia.com/articles/investing/081315/opec-vs-us-who-controlsoil-prices.asp