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January 1961 (63 years ago) (January 1961) Website. opec.org. The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.
- 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...
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.
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 joined by Qatar (1961 ...
4 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.
Apr 25, 2017 · OPEC was established in 1960 in Baghdad by the first five members: Saudi Arabia, Venezuela, Iraq, Kuwait, and Iran. Since 1965, OPEC’s headquarters have been in Vienna, Austria . The formation of OPEC signified that the time when nations would have exclusive sovereignty over their natural resources was coming to an end; more and more nations were uniting in economic blocs and trade pacts.
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Jun 21, 2023 · OPEC is an intergovernmental organization that controls much of the world’s oil supply. Find out why it formed and which countries are members. ... Site Map. Store.
