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OPEC decisions have come to play a prominent role in the global oil-market and in international relations. Economists have characterized OPEC as a textbook example of a cartel [10] (a group whose members cooperate to reduce market competition) but one whose consultations may be protected by the doctrine of state immunity under international law ...
The OPEC member countries map shows a World Map, where all the member countries of OPEC have been highlighted. OPEC stands for the Organization of the Petroleum Exporting Countries. It was founded in 1960, in Baghdad by the first five members - Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Since 1965, OPEC is headquartered in Vienna, Austria.
- Iran
- Iraq
- Kuwait
- Saudi Arabia
- Venezuela
- Algeria
- Congo
- Equatorial Guinea
- Gabon
- Libya
Proven crude oil reserves (million barrels): 208,600 As one of OPEC’s Founder Members, Iran has been part of the organization since its inception in 1960. The country’s large oil reserves and strategic location in the Middle Eastmake it a key player in OPEC’s decision-making process. Iran’s relationship with OPEC has been centered around its desire...
Proven crude oil reserves (million barrels): 145,019 Another Founder Member, Iraq, has been an integral part of OPEC since its inception in 1960. The country’s involvement is rooted in its determination to protect its oil interests, both in terms of production levels and pricing negotiations. Iraq’s oil industry has faced various obstacles, includi...
Proven crude oil reserves (million barrels): 101,500 Kuwait, one of OPEC’s Founder Members, plays a crucial role within the organization. The nation’s involvement is driven by the need to safeguard its substantial oil reserves and assert control over its oil industry. Located on the Persian Gulf, Kuwait shares land borders with two other OPEC membe...
Proven crude oil reserves (million barrels): 267,192 As an OPEC Founder Member, Saudi Arabia holds a unique and central position within the organization. What sets Saudi Arabia apart is its unparalleled oil production capacity and vast reserves. While Saudi Arabia is the largest oil producer in OPEC, and often in the world, the United States was th...
Proven crude oil reserves (million barrels): 303,221 Venezuela has a distinctive relationship with OPEC. Oil wealth plays a crucial role in the economy of Venezuela, and the country’s involvement since 1960 has been motivated by its desire to safeguard and maximize this oil wealth. What sets Venezuela apart is its historical advocacy for fairer ter...
Proven crude oil reserves (million barrels): 12,200 Algeria, a member of OPEC since 1969, plays a significant role in the organization, particularly in its efforts to stabilize the global oil market. As one of the largest countries in the world, it is the largest OPEC member in size. It’s also one of the richest countries in Africa. Algeria’s commi...
Proven crude oil reserves (million barrels): 1,811 The Republic of Congo, the most recent country to become a full member of OPEC in 2018, has maintained its strong commitment to the strategic policies defined by OPEC. This commitment is critical, especially following the decision of some other countries, like Angola, to leave the organization. Con...
Proven crude oil reserves (million barrels): 1,100 Equatorial Guinea is located on the west coast of Africaand has been a member of OPEC since 2017. The country holds a significant and strategic position in the organization, aligning closely with OPEC in terms of values and objectives. The country’s commitment to OPECis rooted in its goal to improv...
Proven crude oil reserves (million barrels): 2,000 Gabon, a member of OPEC, is recognized as a minor but significant player in the organization. Producing approximately 200,000 barrels per day, it is one of the smaller OPEC members. The country’s oil production is essential for its economy, contributing significantly to its national income. Despite...
Proven crude oil reserves (million barrels): 48,363 Libya, a key OPEC member since 1962, is noteworthy for its substantial oil reserves, the largest in Africa. The country’s reliance on oil significantly impacts its economy, with the sector being a major source of government and export revenue. However, political instability has led to fluctuations...
Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but decided to withdraw its membership of OPEC effective 1 January 2020. Indonesia suspended its membership in January 2009, reactivated it again in January 2016, but decided to suspend its membership once more at the 171st Meeting of the OPEC Conference on 30 November 2016.
Apr 25, 2017 · OPEC Countries . In 2015, the 14 OPEC countries controlled 43% of the oil produced and 73% of oil reserves in the world. In 2014, the US was leading globally in oil production, though it is not an OPEC member. The second largest producer was Saudi Arabia, which is an OPEC member state.
5 days ago · OPEC, in full Organization of the Petroleum Exporting Countries, is an multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. Learn more about the history, membership, and functions of OPEC in this article.
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Sep 11, 2022 · OPEC started in 1960 with 5 members and as of 2020 it has 13 members. 1960 v. 2021 These 13 countries collectively supply over 40% of crude oil production and hold over 80% of world oil reserves.
