What is the Organization of the Petroleum Exporting Countries(OPEC)?

Feb. 13, 2023

OPEC’s Secretary General urged countries to invest much more in oil to meet the world’s future energy needs and said climate policies need to be more “balanced and fair.”

About the Organization of the Petroleum Exporting Countries(OPEC):

What is it? It is a permanent intergovernmental organization of oil-exporting countries.
Mission:
- To coordinate and unify the petroleum policies of its Member Countries.
- Ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.
Formation: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
Headquarters: Vienna, Austria.

What is OPEC+?

It is a group of oil exporters consisting of 23 member countrieswhich meet regularly to decide how much crude oil to sell on the world market.
It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

Source : OPEC chief tells climate negotiators to 'look at the big picture'