Organization of the Petroleum Exporting Countries (OPEC)
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.
Underinvestment and maintenance problems have slowed down efforts by Angola and Nigeria to pump more.
OPEC and allies led by Russia, collectively known as OPEC+, have done a “remarkable” job acting as “so-called regulator of the oil…
Natural gas prices at record highs could provide a potential headwind to oil demand growth, OPEC said.
Saudi Aramco has agreed to supply additional crude to at least three Asian buyers in November, while meeting full contractual volumes…
Scott Sheffield said dealmaking in the Permian Basin would also temper U.S. shale producers’ responses to rising oil prices.