The mere mention of OPEC is almost instinctively accompanied by an automatic reference to the Kingdom of Saudi Arabia, as if the two are practically synonymous. As an oil producer, Saudi Arabia is in a league of its own within OPEC. It produces over 10 million barrels of oil per day, which is around the same amount of production coming from Iraq, Iran, and Kuwait combined.
Needless to say, Saudi Arabia has acted as the unofficial leader of OPEC. Its domestic oil production policy clearly influences and is invariably reflected in the decisions coming out of OPEC meetings. In the midst of the current continued policy of Saudi Arabia and OPEC to keep pumping in order to preserve market share, a developing dynamic within OPEC may cause a dramatic change in both its power and leadership.