How much of the Worlds total crude oil production does OPEC account for?
OPEC member countries accounted for 60% of total world crude oil production and about 90% of total world exports in the 1970s. Their share of world export dropped to about 40% in 1990 as a result of high prices, which led to the development of alternative fuel sources, conservation, and the expansion of supplies from non-OPEC countries.
