OPEC: Organization of the Petroleum Exporting Countries
It is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
Goal: coordinate and unify the petroleum policies of its member countries which ensures the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on those investing in petroleum industry.
Later the following countries joined the organization:
1. Qatar (1961)
2. Indonesia (1962)
3. Libya (1962)
4. United Arab Emirates (1967)
5. Algeria (1969)
6. Nigeria (1971)
7. Ecuador (1973)
8. Gabon (1975)
9. Angolia (2007)
10. Equatorial Guinea (2017)
11. Congo (2018)
Countries which withdrew their membership:
1. Ecuador (2020)
2. Indonesia (2016)
3. Gabon (2019)
Currently the Organization has a total of 13 member countries.
In recent news Angolia has said it will be OPEC effective from 1st Jan 2024.
With exit of Angolia, there will be total of 12 member countries as OPEC members.
Resources on Angolia’s exit from OPEC: https://www.livemint.com/economy/angolas-opec-exit-opens-way-for-more-chinese-investment-11703294213326.html
Official site of OPEC: https://www.opec.org/opec_web/en/index.htm
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