Organization of Petroleum Exporting Countries (OPEC)
- Organization Name
- Organization of Petroleum Exporting Countries (OPEC)
- Description
OPEC is a permanent intergovernmental organization of oil-exporting nations. It was created to coordinate and unify petroleum policies among its members, aiming to stabilize oil markets and ensure a steady supply to consumers.
Key Facts
- Founded: 10–14 September 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- Secretary-General: Haitham Al Ghais (Kuwait), serving his second three-year term until mid-2028.
- Headquarters: Vienna, Austria.
- Current members (12): Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, United Arab Emirates, and Venezuela.
- OPEC+: An extended grouping that includes Russia and other non-OPEC oil-producing countries.
- Market share: Controls approximately 40% of global oil production.
- Collective quotas: Sets production targets for member countries to influence global oil prices.
- Headquarters
- Vienna, Austria
- Founded Year
- 1960
- Current Head/SG
- Haitham Al Ghais
- Category
- Economic