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

Even for the leanest, meanest oil and gas producer sitting on the best assets in the land, fate hinges on the nature of the recovery…

Scale of oil demand drop for oil has led to largest and longest supply adjustments in history, OPEC Secretary-General Mohammad…

OPEC and allies, known as OPEC+, have been cutting output since May by a record 9.7 million bbl/d—or 10% of global supply—after oil…

This week’s meetings are part of an OPEC+ effort to review the impact of a record supply that started May 1 cut and hear from…

Saudi Energy Minister Prince Abdulaziz bin Salman said that this would not continue in July, when Saudi Arabia will pump its OPEC…