OPEC, the Organization of the Petroleum Exporting Countries, is an intergovernmental organization of oil-producing and oil-dependent countries that coordinates petroleum policy among its members to influence the global oil market. It was founded on 14 September 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, and now comprises 11 member countries. OPEC accounted for about 38 percent of global oil production in 2022, and its members hold an estimated 79.5 percent of the world proven oil reserves, with the Middle East accounting for most of that share. Since late 2016 the wider OPEC+ grouping has coordinated production alongside additional oil-producing countries.
Facts
Organization TypeIntergovernmental producer organization 1 Founded Year Headquarters FAQs
What is OPEC and when was it founded?
An intergovernmental organization of oil-producing countries, founded 14 September 1960 in Baghdad, that coordinates petroleum policy among its members.
OPEC, the Organization of the Petroleum Exporting Countries, is an intergovernmental organization that coordinates petroleum policy among its member countries to influence the global oil market. It was founded on 14 September 1960 in Baghdad by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, and today comprises 11 member countries.
Connections
Associated With
The 1973 embargo was declared by the Arab members of OPEC through OAPEC; the price decisions that followed were OPEC actions.
Source OPEC Official Site
Source OPEC Official Site
Source EBSCO Research Starters
In the Other Atlases
Located In
Also in Geography Atlas: where this subject is located.
Source Wikipedia
Sources
1. OPEC Official Site
Organization of the Petroleum Exporting Countriesopec.org homepage, Publications section
The OPEC Secretariat produces numerous publications to inform the public about the Organization's activities, and to disseminate data and information about OPEC Member Countries and the oil industry in general.
- Associated With: Crude Oil
- Associated With: 1973 Oil Crisis
View the Source Wikipedia
Wikimedia FoundationOPEC, leadQuote, OPEC, lead
It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
EBSCO Research Starters
EBSCO Information ServicesAssociated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Full ArticleQuote, Associated With: OPEC Founded in Baghdad, Research Starters, OPEC Founded, Full Article
OPEC's headquarters have been located in Vienna, Austria, since 1965
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