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

OPEC and other key exporters such as Russia, a grouping dubbed OPEC+, meet on March 4 and are expected to discuss allowing as much as…

Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is…

The lack of a U.S. shale rebound could make it easier for OPEC and its allies to manage the market, according to OPEC sources.

Saudi Arabia is expected to announce its plans when a coalition of oil producers meets next month, according to a WSJ report on Feb.…

Both Brent and WTI hit their highest levels in 13 months.