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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

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
Country.admin_center: Vienna, Austria
Country.official_languages: English
Country.leader_title1: Secretary General
Country.leader_name1: Haitham al-Ghais
Country.established: Baghdad, Iraq
Country.established_event1: Statute
Country.established_event2: In effect
Country.established_date2: <!-- The article needs to explain the concept of currency for OPEC