Tag organization of petroleum exporting countries opec

The Organization of the Petroleum Exporting Countries (OPEC) is a cartel of 14 oil-producing countries that coordinates the production and sale of oil on the global market. The member countries of OPEC are:

  1. Algeria
  2. Angola
  3. Ecuador (left OPEC in 2020)
  4. Iran
  5. Iraq
  6. Kuwait
  7. Libya
  8. Nigeria
  9. Qatar
  10. Saudi Arabia
  11. United Arab Emirates (UAE)
  12. Venezuela

Note: Ecuador left OPEC in January 2020.

OPEC is headquartered in Vienna, Austria, and its main objective is to coordinate the production and sale of oil to stabilize the global oil market and ensure a stable income for its member countries. OPEC's activities include:

  1. Setting production targets for its member countries to ensure a balanced supply and demand in the global oil market.
  2. Coordinating oil production and sales to stabilize prices and maintain a stable income for its member countries.
  3. Providing a platform for its member countries to discuss and address common issues related to the oil industry.
  4. Conducting research and analysis on the global oil market to inform its decisions.

OPEC's membership is divided into two categories:

  1. Founding members: These are the original member countries that founded OPEC in 1960, including Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  2. New members: These are countries that joined OPEC later, including Algeria, Qatar, and the United Arab Emirates.

OPEC's decision-making process is based on a consensus among its member countries, with each country having a certain number of votes based on its oil production capacity. The organization is led by a Secretary General, who is elected by the member countries for a three-year term.