EMPIRICAL COMPARISON OF CRUDE OIL PRODUCTION OF NON-OPEC OIL INDUSTRY WITH OPEC OIL INDUSTRY IN THE 2011-2021
Bailey Saleh PhD
Department of Political Science, University of Maiduguri, PMB 1069, Maiduguri, Borno State, Nigeria. Postcode - 600004
Abstract
Petroleum oil has served as a catalyst for the industrial revolution of Europe and the entire Northern hemisphere. It also brought about enormous prosperity, and general development for oil producing countries of the world. At a point, the Organization of the Petroleum Exporting Countries (OPEC), dominated and exclusively dictated the marketing of crude petroleum oil worldwide. Unwinding global events made the Non-OPEC countries to re-strategized by stepping-up actions in crude petroleum oil production to meet up with their domestic consumption needs. The study is a qualitative one. Document studies were adopted and utilized in generating data from secondary sources. Documents scrutinized include: books, journals, bulletins, policy papers, newspapers and internet materials. The generated data were analyzed through discourse and explanatory methods; where numerical ones were analyzed through descriptive and explanatory methods. The implication of this soaring crude oil production of the Non-OPEC countries is that, the OPEC cartel with time will be faced with low oil prices and subsequently dwindling economies. The non-strategic utilization of the enormous oil wealth by OPEC members to step-up further crude oil production and diversify their oil industries, forms the main motivation for the study.
Keywords: Empirical, Comparison, Crude Oil, Non-OPEC, OPEC, Petroleum, Production
Journal Name :
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EPRA International Journal of Economic Growth and Environmental Issues (EGEI)
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Published on : 2026-01-21
| Vol | : | 14 |
| Issue | : | 1 |
| Month | : | January |
| Year | : | 2026 |