Organization of the Petroleum Exporting Countries(OPEC)

Context

Angola has decided to leave OPEC, a setback for the Saudi-led oil producer group.

Organization of the Petroleum Exporting Countries(OPEC)

The Organization of the Petroleum Exporting Countries, or OPEC, is an intergovernmental organization of 14 oil-producing nations that coordinates and unifies the petroleum policies of its member countries.

Facts

• Founded in 1960 by five countries – Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
• OPEC’s headquarters are located in Vienna, Austria.
• The current Secretary General of OPEC is Haitham Al Ghais.
• OPEC’s mission is to ensure fair and stable prices for petroleum producers, an efficient, economic, and regular supply of petroleum to consuming nations, and a fair return on invested capital for those in the petroleum industry.
• OPEC member countries control a significant portion of the world’s oil reserves, accounting for about 42% of global crude oil production and 80% of proven oil reserves.

Activities

• Setting production quotas for its member countries in order to regulate oil supply and influence oil prices.
• Conducting research and analysis on the global oil market.
• Providing technical assistance to developing countries in the oil and gas sector.
• Promoting cooperation and dialogue between oil producers and consumers.