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Member Countries. The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization. These countries were later ...
- Equatorial Guinea
The country’s currency is the CFA franc, a currency used by...
- Congo
The national currency is the CFA franc, which is used by...
- Iran
Home About Us Member Countries Iran. Iran. Iran facts and...
- 60th Anniversary
The OPEC Secretariat noted that the eight OPEC+ countries...
- Oil & Energy Ministries/Nocs
On this page you will find links to OPEC Member Countries...
- 4th OPEC International Seminar 2009
The Fourth OPEC International Seminar, entitled “Petroleum:...
- Algeria
Home About Us Member Countries Algeria. Algeria. Algeria...
- Iraq
Sharing borders with three other OPEC Member Countries – the...
- Equatorial Guinea
The OPEC Secretariat noted that the eight OPEC+ countries Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, which previously announced additional voluntary adjustments in April and November 2023, have agreed to extend the November 2023 voluntary production adjustments of 2.2 million barrels per day for one month until the end of December 2024.
May 24, 2024 · The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are known collectively as OPEC+ and will meet on June 2 to discuss their joint oil production policy.
- OPEC Statute
- OPEC+
- Non-Opec Oil Producers
- OPEC Purpose
- Other Products and Services
- In Conclusion
- FAQ
The OPEC members list is divided into Founder Members, Full Members, and Associate Members. Founder Members include the original five countries. Full Members are those accepted in after submitting an application. The OPEC Statute asserts that “any country with a substantial net export of crude petroleum, which has fundamentally similar interests to...
OPEC+, pronounced as ‘OPEC plus,’ is considered an extension of the OPEC members list when the organization makes production cut deals with non-OPEC countries. The OPEC+ Alliance Members List includes: 1. Oman 2. Sudan 3. Brunei 4. Russia 5. Mexico 6. Bahrain 7. Malaysia 8. Azerbaijan 9. Kazakhstan 10. South Sudan In September 2016, the organizatio...
Some of the major world players that are non-OPEC members but who produce oil include: 1. Brazil 2. China 3. Norway 4. Canada 5. United Kingdom (including East of England) 6. United States of America – the biggest crude oil producer Non-OPEC countries usually have high oil demands and can’t export most of their production. Because of this, they hav...
The objective of the OPEC is stated in the rules: “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 in...
In addition to oil production, the group also provides various products, services, and events: 1. Charity:Under the OPEC Fund logo, 12 group members united to sustainably improve social and economic development in low and middle-income nations worldwide. 2. Links:Oil and energy ministries and respective companies’ websites, plus national news agenc...
OPEC is a powerful organization with significant control over oil production and prices. Its members list is comprised of 13 countries, of which the majority are in Africa and the Middle East. You can find many resources on the OPEC website, such as reports, data, graphs, journals, press reports, and more. This can come in handy for day traders who...
Who Are OPEC’s Founding Member Countries’ Names?
The countries that founded OPEC are Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela.
Does OPEC Have 14 Or 15 Members In Total?
The 13 present OPEC members are Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.
Are There Any OPEC Policy Observers?
Yes – observers from other countries such as Egypt, Mexico, Oman, Russia, and Norway have attended meetings. This setup acts as an informal policy coordination system.
May 9, 2023 · In 2016, largely in response to dramatically falling oil prices driven by significant increases in U.S. shale oil output, OPEC signed an agreement with 10 other oil-producing countries to create what is now known as OPEC+. Among these 10 countries was the world’s third-largest oil producer in 2022, Russia, which produced 13% of the world total (10.3 million barrels per day [b/d]).
The collaboration among OPEC+ member countries has led to the establishment of the Declaration of Cooperation (DoC) in 2017, which has been subsequently extended multiple times due to its remarkable success. The DoC serves as a framework for cooperation and coordination between OPEC and non-OPEC countries.
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May 31, 2023 · The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, are known as OPEC+ and will meet in Vienna, Austria, on Nov. 26 to discuss their joint output policy.
