OPEC
The Organization of the Petroleum Exporting Countries (OPEC ) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production in 2022. It is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middl
AI overview
OPEC is an organization of major oil-producing countries that work together to influence global oil markets and maximize their profits from oil sales. Founded in 1960, OPEC currently has 12 member countries and controls a significant share of the world's oil production and proven reserves, giving it considerable power over global energy prices.
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Key facts
- Country.conventional_long_name
- Organization of the Petroleum Exporting Countries
- Country.image_flag
- Flag of OPEC.svg
- Country.image_coat
- Organization of the Petroleum Exporting Countries Logo.svg
- Country.symbol_type
- Emblem
- Country.image_map
- OPEC and OPEC+.png
- Country.image_map_caption
- OPEC and OPEC+ members
- Country.org_type
- Organization
- Country.membership_type
- Membership
- Country.membership
- See
- Country.admin_center_type
- Headquarters
~40 min read
Article
37 sectionsContents
- Organization and structure
- Leadership and decision-making
- International cartel
- Conflicts
- History and impact
- Post-WWII situation
- 1959–1960: Anger from exporting countries
- 1960–1975: Founding and expansion
- 1973–1974: Oil embargo
- 1975–1980: Special Fund, now the OPEC Fund for International Development
- 1975: Hostage siege
- 1979–1980: Oil crisis and 1980s oil glut
- 1990–2003: Ample supply and modest disruptions
- 2003–2011: Volatility
- 2008: Production dispute
- 2014–2017: Oil glut
- 2017–2020: Production cut and OPEC+
- 2020: Saudi-Russian price war
- 2021: Saudi-Emirati dispute
- 2021–present: Global energy crisis
- 2022: Oil production cut
- 2025: Production Increases
- Membership
- Current member countries
- OPEC+
- Observers
- New members
- Lapsed members
- Market information
- Publications and research
- Crude oil benchmarks
- Spare capacity
- See also
- Notes
- References
- Further reading
- External links
The Organization of the Petroleum Exporting Countries (OPEC /ˈoʊpɛk/ OH-pek) is an intergovernmental cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 11 member countries, accounted for 38 percent of global oil production in 2022. It is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.
In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms, the "Seven Sisters". In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC.