Source: Energy Information Administration, Monthly Energy Review, March 1991
Millions of barrels per day
United Arab Emirates
The above chart shows how much oil the top countries were producing in 1990. They are ranked in order, with the Soviet Union producing the most oil in the world at 10.68 million barrels per day, and Canada coming in 12
th in the world at 1.52 million barrels per day.
A decade later, the figures will surely be much different. The Soviet Union was destroyed, Iraq is blockaded, and the price of oil has dropped considerably. All of these factors will ensure that the table above will be greatly shaken up in the year 2000.
As the table shows, an alliance between these countries could allow them to have great control over the world oil market.
Members of OPEC, the Organization of Petroleum Exporting Countries, that are listed above include Saudi Arabia, Iran, Iraq, Venezuela, Nigeria, and the United Arab Emirates. Were OPEC more effective at setting price, these countries would be very powerful in the world oil market.