OPEC is the acronym for the Organization of the Petroleum Exporting Countries, which controls approximately 85% of the worlds oil reserves
O.P.E.C. is the acronym for Organization of the Petroleum Exporting Countries, which includes 13 nations creating the intergovernmental organization. OPEC was founded on September 14, 1960, created in Baghdad, approaching its 60th anniversary.
OPEC first members were:
- Iran
- Iraq
- Kuwait
- Saudi Arabia
- Venezuela
Current Member Countries of the OPEC are:
- Algeria – Since 1969
- Angola – 2007
- Equatorial Guinea – 2017
- Gabon – 1975-1995 & 2016
- Iran – 1960
- Iraq – 1960
- Kuwait – 1960
- Libya – 1962
- Nigeria – 1971
- Republic of the Congo – 2018
- Saudi Arabia – 1960
- United Arab Emirates – 1967
- Venezuela – 1960
Previous lapsed members are:
- Ecuador
- Indonesia
- Qatar
It is headquartered in Vienna, Austria, with 13 countries being members that account for approximately 44-45 percent of global oil production and control 85% of the world’s “proven” oil reserves. The significant amount of control gives OPEC substantial control of global oil prices.
State Mission of OPEC
By its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.
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