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DID YOU KNOW? OPEC

OPEC is an acronym for the Organization of the Petroleum Exporting Countries. It is a permanent intergovernmental organisation of 13 oil-exporting developing nations. 

OPEC’s mission is to “coordinate and unify the petroleum policies of its member countries and ensure the stabilisation of oil markets … to secure a … regular supply of petroleum ... [and] … a steady income to producers …” (edited).

It was founded in Baghdad in September 1960 by its five founder members: de facto leader Saudi Arabia, Iran, Iraq, Kuwait and Venezuela. These countries were later joined by Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Gabon (1975), Angola (2007), Equatorial Guinea (2017) and Congo (2018).

According to current estimates, 79.4% of the world's proven oil reserves are located in OPEC member countries. Middle-eastern members account for two-thirds of the OPEC total. The organisation’s headquarters are in Vienna, Austria.

Source: OPEC.org

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