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    OPEC - Wikipedia

    • The Organization of the Petroleum Exporting Countries is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organ… See more

    HeadquartersVienna, Austria
    Official languagesEnglish
    EstablishmentBaghdad, Iraq
    TypeOrganization
    Organization and structure

    In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms (the Seven Sisters). C… See more

    History and impact

    In 1949, Venezuela initiated the move towards the establishment of what would become OPEC, by inviting Iran, Iraq, Kuwait and Saudi Arabia to exchange views and explore avenues for more regular an… See more

    News on OPEC
    Saudi, UAE, Iraq, Libya energy ministers meet after Trump OPEC comments
    Saudi Arabia's energy minister met his counterparts from the United Arab Emirates (UAE), Iraq and Libya on Monday following U.S. President Donald Trump's call for lower oil prices and ahead of a ...
    Membership

    As of January 2024, OPEC has 12 member countries: five in the Middle East (West Asia), six in Africa, and one in South America. According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil produ… See more

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