OPEC

International petroleum organization

OPEC ▸ Facts ▸ Comments ▸ News ▸ Videos

The Organization of the Petroleum Exporting Countries is an organization 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: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report. Additionally, it is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

0 shares	Share Tweet Save Post Send


World at War After Trump Tariffs: Oil Prices Crash to 4 Year Low \| Brent Sinks Below $64 Oil prices have plunged to a four-year low, with Brent crude falling below $64 per barrel amid intensifying US-China trade tensions. The collapse follows Trump’s sweeping tariff move and China’s.. Credit: Oneindia Duration: 03:15Published 3 weeks ago

You Might Like

Government discussed oil market volatility with OPEC chief, government says IndiaTimes - Published on April 19, 2024
Opec leader's leaked letter on fossil fuel blockade creates shockwaves A leaked letter from OPEC secretary general Haitham Al Ghais has caused concern among European countries and small island nations at the CO summit. The letter urges OPEC member countries to reject any.. IndiaTimes - Published on December 9, 2023
OPEC 'panicking' as push to phase out fossil fuels gathers momentum at COP28 Oil states are pressing the panic button after a proposal to end the fossil fuel era gathered unprecedented support at the current United Nations climate talks, according to veteran overseers of the.. Sky News - Published on December 9, 2023

Former OPEC president charged with bribery offences in the UK A former head of the group that enables the top oil-producing countries to cooperate and influence the global oil market has been charged with bribery offences. Sky News - Published on August 22, 2023
'The Saudis are calling the shots in the cartel': Why OPEC+ has announced a cut in oil production The surprise production cuts announced by OPEC+ at the weekend appear to have been motivated by a number of factors. Sky News - Published on April 3, 2023