What is the OPEC?
The OPEC is the Organisation of Petroleum-Exporting Countries. It is a permanent intergovernmental organisation of the main countries producing this fuel.
OPEC was created in 1960 during the Baghdad Conference in order to coordinate the oil policies of its five members at the time (Iran, Iraq, Kuwait, Saudi Arabia and Venezuela) to keep petroleum markets stable. It is based in Vienna (Austria), where members hold ordinary meetings twice a year to establish their policies.
Which countries are members of OPEC?
The Organisation of Petroleum-Exporting Countries (OPEC) was created by Iran,
Iraq, Kuwait, Saudi Arabia and Venezuela, the five founder members. In the following years they were joined by Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018). At various points Ecuador, Indonesia and Gabon left OPEC, and so the organisation now has 13 members.
What are OPEC's objectives?
OPEC's objectives are to unify the oil policies of member countries, in order to guarantee fair, stable prices for these petroleum-producing countries, efficient, economic, regular supply for consumers, and a fair return for those investing in the oil industry.