OPEC: Organization of the Petroleum Exporting Countries


About OPEC:


The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Headquarters: Vienna, Austria

14 OPEC countries accounted for 43 percent of global oil production and 73 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices.

Objective of OPEC:-
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

Member States:
 Algeria  
 Angola
 Ecuador
 Gabon
 Indonesia  
 Iran      
 Iraq    
 Kuwait
 Libya      
 Nigeria
 Qatar        
 Saudi Arabia
 United Arab Emirates    
 Venezuela


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