Tag organisation of petroleum exporting countries

The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of oil-producing countries that coordinates the production and sale of oil on the global market. The organization was founded in 1960 and currently has 14 member countries:

  1. Algeria
  2. Angola
  3. Ecuador
  4. Iran
  5. Iraq
  6. Kuwait
  7. Libya
  8. Nigeria
  9. Qatar
  10. Saudi Arabia
  11. United Arab Emirates
  12. Venezuela
  13. Bahrain
  14. Congo

OPEC's main goals are to:

  1. Coordinate the production and sale of oil to stabilize the global oil market and ensure a stable supply of oil to consumers.
  2. Promote the interests of its member countries and ensure that they receive a fair price for their oil.
  3. Provide a forum for its member countries to discuss and resolve issues related to the oil industry.

OPEC's activities include:

  1. Setting production targets for its member countries to ensure that the global oil market is balanced.
  2. Monitoring the global oil market and adjusting production levels as needed to maintain stability.
  3. Providing technical assistance and training to its member countries to improve their oil production and exploration capabilities.
  4. Promoting cooperation and collaboration among its member countries to address common challenges and opportunities in the oil industry.

OPEC's headquarters is located in Vienna, Austria, and the organization is led by a Secretary General who is elected by the member countries for a three-year term.