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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
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