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Oct 18, 2019 · The Organization of Petroleum Exporting Countries (OPEC) is an intergovernmental organization made up of 14 oil-producing states. The organization was formed at a conference in Baghdad City between September 10 to 14, 1960, by five countries; Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela, to secure stable and fair oil prices by maintaining a regular supply of petroleum and ensuring a balance ...
[The OPEC Special Fund's] resources are additional to those already made available by OPEC states through a number of bilateral and multilateral channels." [ 71 ] The Fund became an official international development agency in May 1980 and was renamed the OPEC Fund for International Development , [ 72 ] with Permanent Observer status at the United Nations. [ 73 ]
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.
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 the top producer in 2023.
Sep 11, 2022 · OPEC started in 1960 with 5 members and as of 2020 it has 13 members. 1960 v. 2021. ... In the 1970s they placed an embargo on the United States.
Apr 25, 2017 · As of June of 2016, its other members are the United Arab Emirates, Ecuador, Algeria, Angola, Libya, Qatar, Nigeria and Indonesia. Initially based in Geneva, OPEC’s headquarters moved to Vienna in 1965 (pictured above). Two-thirds of OPEC’s oil reserves are in the Middle Eastern countries around the Persian Gulf. Saudi Arabia, being the ...
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OPEC is an alliance of states that currently has 15 member states. Except for Ecuador and Venezuela, all countries are located in Africa or the Middle East. OPEC's goal is the worldwide regulation of oil prices to the benefit of the participating countries through artificial shortages of raw materials, price agreements and taxation of oil exports.
