OPEC

Organization of the Petroleum Exporting
Countries (OPEC):

• A permanent Intergovernmental Organization ofb14-oil exporting developing nations.

• Created in 1960 at the Baghdad conference by
Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

• The other members of OPEC include Algeria,NAngola, Congo, Ecuador, Equatorial Guinea, Gabon, Libya, Nigeria, and United Arab Emirates.

• Qatar which was a member, left OPEC on
January 2019.

• Other oil exporting nations join OPEC meetings as

observers.

• Mission:
 To ensure that they remain stable so that there is an efficient, economic and
regular supply of petroleum, to the consumers.
 To ensure steady income to the oil producers. It will also ensure the business interests of the investors in the petroleum industry.

• Headquartered at Vienna, Austria.

• The OPEC Secretariat – executive organ:
located in Vienna.

• Releases the publication called the ‘World Oil
Outlook’. OPEC+ :

• A group of 24 oil-producing nations: 14 members of the OPEC; and 10 other non-OPEC members, including Russia.

• Born in 2017 with a deal to coordinate oil production among the countries in a bid to the stabilize prices of oil.

• Reached deals for members to voluntarily cut and ramp-up production in response to changes in global oil prices.

• Members collectively agree on how much oil to produce.