Organization of the Petroleum Exporting Countries  (OPEC)

Recently, Brazil approved entry into OPEC+.

About Organization of the Petroleum Exporting Countries (OPEC)

• Established:1960, Baghdad Conference by Iran, Iraq, Kuwait, Saudi Arabia, Venezuela.
• Objective:Stabilize and coordinate petroleum policies among member nations.
• Headquarters:Vienna, Austria.
• Members (2024):12 countries, including Saudi Arabia, Iran, Iraq, UAE, Nigeria, Libya.
• India’s Status:Not a member but a major oil importer.

OPEC+

• Formation:2016, OPEC + 10 non-OPEC nations (e.g., Russia, Kazakhstan, Mexico).
• Objective:Stabilize global oil markets amid U.S. shale oil surge.