ABSTRACT
Organization of Petroleum Exporting Countries (OPEC) and the other petroleum-exporting nations hold most of the cards in world crude oil trade in the 1980s. With the operational aspects of the industry increasingly under their control since 1973, the oil-exporting countries can vary current production and future capacity levels to meet their social, economic and political needs. New or additional discoveries in promising new areas offshore North America, China, Sudan could add to supply, but would not offset the decline of existing fields. The same can be increased exploration within OPEC and other major suppliers: success can delay but not offset the expected decline in the '80s. It is that output in the Arabian/Persian Gulf countries at best remain near current levels; production in other OPEC nations decline. The centrally planned economy bloc will cease to be net exporters and become net importers; and Organization for Economic Cooperation and Development (OECD) nations' oil production steadily decline.
