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

Saudi Arabia increased its oil exports in July to 7.38 MMbbl/d, its highest output since April 2020.

OPEC and the International Energy Agency see oil demand growing between 2% and 3% this year and next year, approximately twice as much…

“Oil demand in 2023 is expected to be supported by a still-solid economic performance in major consuming countries, as well as…

"This move shows they remain serious about supporting prices, despite the fact the cut will have little impact on the supply/demand…

After the Joint Technical Committee met on Aug. 31, it forecast a deficit of 1.8 MMbbl/d of oil by the end of 2023.