Organization of the Petroleum Exporting Countries(OPEC) - All You Need To Know

OPEC was  formed in Baghdad, Iraq, by founding members Iraq, Kuwait, Iran, Saudi Arabia and Venezuela on Sep 14,1960

OPEC headquartered in Vienna, Austria.

Together, OPEC members control about 81% of the world's total proven crude reserves

OPEC members collectively supply about 43% of the world's crude oil production

OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply.

 

A unanimous vote is required on raising or lowering oil production.

 

Each member country controls the oil production of its country, but OPEC aims to coordinate the production policies of member countries. 

 

Oil and energy ministers from OPEC member countries usually meet twice a year to determine OPEC's output level. They also meet in extraordinary sessions whenever required.

 

OPEC Member Countries

 

Current Members

1. Algeria - 1969-present
2. Angola - 2007-present
3. Democratic Republic of the Congo - 2018-present
4. Ecuador - 1973-1992; 2007-present
5. Equatorial Guinea - 2017-present
6. Gabon - 1975-1995; 2016-present
7. Iran - 1960-present
8. Iraq - 1960-present
9. Kuwait - 1960-present
10. Libya- 1962-present
11. Nigeria - 1971-present
12. Saudi Arabia - 1960-present
13. United Arab Emirates - 1967-present
14. Venezuela - 1960-present

Former Members
 

1. Indonesia - 1962-2009; 2016
2. Qatar - 1961-2019