Organization of the Petroleum Exporting Countries (OPEC)

About

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. The five Founding Members were later joined by ten other Members: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership in December 1992, but reactivated it in October 2007; Angola (2007); Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea (2017); and Congo (2018). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

OPEC's objective is to coordinate 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. (Source: OPEC.org)

Editor's note: Updated July 1, 2019.

Headquarters Address

Helferstorferstrasse 17
A-1010
Vienna
Austria

News

A market monitoring panel decided to stick to policies broadly agreed upon at a previous April 1 meeting of OPEC+, Russian Deputy…

The OPEC+ joint technical committee raised its forecast for global oil demand growth in its most recent monthly oil market report…

House measure that would allow lawsuits against OPEC could put US interests at risk, Barkindo says.

The so-called NOPEC bill, introduced by Representative Steve Chabot, would allow the U.S. Justice Department to bring anti-trust…

The upward revision marks a change of tone from previous months, in which OPEC has lowered oil demand forecasts because of continued…