The Organization of the Petroleum Exporting Countries, often referred to as OPEC, is a multinational organization of countries that together produce a significant percentage of the world's oil supply.
The group collectively adjusts oil prices in order to regulate the international oil market. OPEC's member nations control two-thirds of the world's oil supply and more than a third of its total oil production.
OPEC Objective
According to OPEC's website, the organization's objective is to "coordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry."cOPEC Timeline
1960: OPEC was created by the Baghdad Conference on September 10 through 14 of this year by the nations of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Headquarters were in Geneva, Switzerland.1961: Qatar joins OPEC.
1962: Indonesia joins OPEC.
1965: OPEC headquarters move to Vienna, Austria on September 1.
1967: United Arab Emirates joins OPEC.
1968: OPEC adopts a Declaratory Statement of Petroleum Policy in Member Countries, emphasizing the inalienable rights of countries to exercise sovereignty over their natural resources in the interest of national development.1969: Algeria joins OPEC.
1971: Nigeria joins OPEC.
1973: Ecuador joins OPEC (suspending its membership from December 1992 until October 2007) and an Arab oil embargo causes an oil crisis that raises prices worldwide.
1975: Gabon joins OPEC and OPEC holds the first Summit of Heads of State and Government in Algiers to address the plight of developing nations. 1976: The Fund for International Development is established to aid impoverished nations in development.
1995: Gabon leaves OPEC.
2007: Angola joins OPEC.
2009: Indonesia suspends its membership.c
OPEC Founding Members
Iran- Iraq
- Kuwait
- Saudi Arabia
- Venezuelac
Current Members
Algeria
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Fast Facts
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Formed
1960, Baghdad, Iraq -
Also known as
The Organization of the Petroleum Exporting Countries
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Headquarter
Vienna, Austria -
Official language
English
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Fact:
Oil sales measured in U.S. dollars -
Fact:
Began with five member countries
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Fact:
Currently has 12 member countries
