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Organization of the Petroleum Exporting Countries

Exports (2023)$1.07T
Imports (2023)$896B
Main Exporter (2023)United Arab Emirates $357B
Main Importer (2023)United Arab Emirates$385B
Internal Trade (2023)8.68%of total trade

About

Overview OPEC (Organization of the Petroleum Exporting Countries) is an International Organization composed by United Arab Emirates, Saudi Arabia, Iraq, Kuwait, Nigeria, Algeria, Angola, Libya, Iran, Republic of the Congo, Gabon, Venezuela, and Equatorial Guinea. In 2023, OPEC exported $1.07T (4.75% of global exports) and imported $896B (3.96% of global imports). Its largest exporter, United Arab Emirates exported $357B, which corresponds to 33.2% of the total exports. On the other hand, the largest importer, United Arab Emirates, imported $385B, which is 43% of the total imports of Organization of the Petroleum Exporting Countries.

Trade In 2023, OPEC's most exported products were Crude Petroleum Oils ($548B), Bituminous Petroleum Distillates (Excl. Crude) ($133B), Unwrought Non-Monetary Gold ($50.3B), Liquefied Natural Gas ($22B), and Gaseous Natural Gas ($16.7B). The same year, the most imported products were Unwrought Non-Monetary Gold ($79.5B), Bituminous Petroleum Distillates (Excl. Crude) ($64.1B), Radio/TV Transmit-Receive Apparatus ($58.9B), Jewelry & Parts of Precious Metals (Excl. Silver) ($21.8B), and Medium Sized Cars ($18.6B).

Partners In 2023, OPEC's exports went primarly to China ($195B), India ($123B), Japan ($82.6B), United States ($50.3B), and Italy ($40.6B). The same year, OPEC's imported primarily from China ($189B), India ($53.9B), United Arab Emirates ($53.2B), United States ($52.9B), and Turkey ($41.5B).

Historical Data

Organization Composition

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Value

The following section shows the trade patterns over time for all the countries that comprise the organization, using historical dataset.

Yearly Exports of OPEC

Internal Trade

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Internal Trade includes all trade between the countries that comprise this organization.

In 2023, the top internal exports of OPEC were Refined Petroleum ($17.6B), Gold ($9.7B), Broadcasting Equipment ($7.82B), Cars ($3.89B), and Jewellery ($2.74B).

The same year, the principal destinations of internal exports were United Arab Emirates ($29.2B), Iraq ($24.3B), Saudi Arabia ($16.7B), Kuwait ($6.8B), and Iran ($5.8B).

Internal Exports (2021)
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Internal Destinations (2021)
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External Trade

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Depth

External trade includes all world trade excluding the countries that comprise this organization.

In 2023, the top external exports of OPEC were China ($195B), India ($123B), Japan ($82.6B), United States ($50.3B), and Italy ($40.6B).

The same year, the principal destinations of external exports were Crude Petroleum ($546B), Refined Petroleum ($116B), Petroleum Gas ($63.5B), Gold ($43.1B), and Ethylene Polymers ($15.5B).

External Exports (2021)
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External Destinations (2021)
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Total Trade

Flow
Color
Depth
Top Export (2023)Crude Petroleum$548B
Top Destination (2023)China$195B

In 2023, OPEC exported a total of $1.07T. During the last five reported years the exports of OPEC have changed by $13.6B from $1.06T in 2018 to $1.07T in 2023.

The most recent exports are led by Crude Petroleum ($548B), Refined Petroleum ($133B), Petroleum Gas ($63.8B), Gold ($52.8B), and Ethylene Polymers ($16.9B). The most common destination for the exports of OPEC are China ($195B), India ($123B), Japan ($82.6B), United States ($50.3B), and Italy ($40.6B).

Exports (2021)
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Destinations (2021)
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Largest Export by Country

Indicator

The following visualization shows the principal export per country, the product which has grown the most over the past 5 years or the product in which the country has a higher level of specialization, measured by the RCA Index.

Biggest export by country (2021)

Trade between organizations

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Depth

This visualization show trade between international organizations. The default selection shows the trade with the rest of the world.

Exports (2021)

Destinations (2021)

Economic Complexity

Complexity and Country Indicators

Indicator

This visualization compares the Economic Complexity Index (ECI) with different indicators about country development such as GDP per capita or Inflation. For more information about ECI, check the Methods page.

In 2023, the countries with higher complexity that belong to Organization of the Petroleum Exporting Countries were Saudi Arabia (0.73), Kuwait (0.23), United Arab Emirates (0.15), Iran (0.073), and Gabon (-0.63).

On the other hand, the countries with higher GDP per capita were United Arab Emirates ($49k), Kuwait ($33.7k), Saudi Arabia ($32.1k), Gabon ($7.8k), and Equatorial Guinea ($6.68k).

Finally, the biggest exporters of OPEC were United Arab Emirates ($357B), Saudi Arabia ($300B), Iraq ($107B), Kuwait ($71B), and Nigeria ($61B).

GDP per capita v/s ECI for countries that comprise Organization of the Petroleum Exporting Countries (2023)

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