OPEC

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization established at the Baghdad Conference in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization is headquartered in Vienna, Austria.

OPEC's primary objective, as stated in its Charter, is to coordinate and unify the oil policies of its member countries. This is done to ensure:

• Stable oil prices on international markets.
• Regular supplies of oil to consumer countries.
• Stable income for oil producing countries.
• Fair returns for investors in the oil industry.

In addition to the five founding countries, other countries have joined OPEC. Membership has changed over the decades, but currently (as of 2026 ) it includes:

• Algeria
• Angola
• Republic of the Congo
• Equatorial Guinea
• Gabon
• Iran
• Iraq
• Kuwait
• Libya
• Nigeria
• Saudi Arabia
• United Arab Emirates
• Venezuela

OPEC plays a significant role in the global economy, as its member countries control a significant portion of the world's proven oil reserves and are major exporters. OPEC's decisions on oil production levels can significantly impact global oil prices and, consequently, economic stability worldwide.

In recent years, OPEC's role has been complemented by cooperation with other major oil-producing countries outside the organization (such as Russia), in a format known as OPEC+. This cooperation aims to further stabilize oil markets in the face of changing global supply and demand.