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.
