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Organization of the Petroleum Exporting Countries (OPEC)

OPEC is the acronym for the Organization of the Petroleum Exporting Countries, who controls approximately 85% of 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:

  1. Iran
  2. Iraq
  3. Kuwait
  4. Saudi Arabia
  5. Venezuela

Current Member Countries of the OPEC are:

  1. Algeria – Since 1969
  2. Angola – 2007
  3. Equatorial Guinea – 2017
  4. Gabon – 1975-1995 & 2016
  5. Iran – 1960
  6. Iraq – 1960
  7. Kuwait – 1960
  8. Libya – 1962
  9. Nigeria – 1971
  10. Republic of the Congo – 2018
  11. Saudi Arabia – 1960
  12. United Arab Emirates – 1967
  13. Venezuela – 1960

Previous lapsed members are:

  1. Ecuador
  2. Indonesia
  3. Qatar

It is headquartered in Vienna, Austria with 13 countries being members that account for approximately 44-45 percent of global oil production and controlling 85% of the worlds “proven” oil reserves.  The significant amount of control give the OPEC a substantial amount of control of global oil prices.

State Mission of OPEC

In accordance with 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 in order 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.

References:

  1. Wikipedia – OPEC
  2. OPEC
  3. OPEC Mission
  4. OPEC – Press Releases
  5. OPEC Tags
  6. Sitemap