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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

Buoyed by unexpected U.S. economic growth, Brent crude futures rose to $88.64/bbl while U.S. crude was up to $82.18/bbl.

The OPEC Fund for International Development will set aside money for food security, healthcare, infrastructure, education, employment…

OPEC December output up by 120,000 bbl/d compared to November due to recovering Nigerian output.

Prices for crude oil and natural gas are expected to decline in 2023 compared to 2022 according to forecasts from the Energy…

OPEC kept its 2022 U.S. shale oil supply predictions at 590,000 bbl/d after cutting it steadily since July's original forecast of 880,…

Russian oil caps, OPEC+ inertia and new data challenges hopes that the Fed might slow the pace and intensity of its rate hikes

Through the appointment of Gabriel Mbaga Obiang Lima as president of OPEC, Equatorial Guinea and the continent of Africa will play a…

OPEC+ to meet virtually Dec. 4, a possible sign they mean to stick with current oil production target

OPEC pumped 710,000 bbl/d of oil less in November than October due to an output cut aimed at fighting recession concerns.

Capping gains, the OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with…

Meanwhile, the first days of December bring opportunities that may upend oil economies around the world as Russian sanctions kick in…

The Wall Street Journal earlier on Nov. 21 reported an output increase of 500,000 bbl/d was under discussion for the next OPEC+…

OPEC’s agreed oil output cut in October was as much a political jab at U.S. President Joe Biden, who was trying to lower gasoline…

OPEC filed its last report before its next meeting, scheduled to take place on on Dec. 4.

"The average annual decline rates are around 4%-5%, so you are talking about needing to add 5 MMbbl/d just to maintain today's global…