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  • Sun. Nov 10th, 2024

Organization of the Petroleum Exporting Countries(OPEC) +

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Saudi Arabia will soon pledge new voluntary production cuts as part of a broader OPEC+ deal to curb output.

About OPEC+:

  • It is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market.
  • These nations aim to work together on adjusting crude oil production to bring stability to the oil market.
  • At the core of this group are the13 members of OPEC (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.
  • Members: It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

What is the Organization of the Petroleum Exporting Countries(OPEC):

  • It is a permanent intergovernmental organization of oil-exporting countries.
  • Mission:
    • To coordinate and unify the petroleum policies of its Member Countries.
    • Ensure the stabilization of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations.
  • Formation: It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. 
  • Currently, it has 13 members, including Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria, and the United Arab Emirates
  • Headquarters: Vienna, Austria.

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