OPEC and OPEC+
Structure, Mandate, and Production Mechanism
OPEC (Organization of the Petroleum Exporting Countries) was founded on September 14, 1960 in Baghdad by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Its headquarters were first established in Geneva and moved to Vienna, Austria in 1965. OPEC currently has 12 member countries.
In December 2016, OPEC signed a Declaration of Cooperation with 10 additional non-OPEC oil-producing countries to create OPEC+, largely in response to a global oil price collapse driven by a surge in US shale oil output. The OPEC+ alliance includes Russia, Kazakhstan, Azerbaijan, Mexico, and Oman as non-OPEC partners. In 2019, the Charter of Cooperation formalised this arrangement as a long-term platform.
- OPEC founded: September 14, 1960 in Baghdad
- Headquarters: Vienna, Austria (since 1965)
- Current OPEC members: 12 (Angola withdrew January 2024)
- OPEC+ formed: December 2016 (Declaration of Cooperation)
- Non-OPEC OPEC+ key members: Russia, Kazakhstan, UAE (though UAE is also a full OPEC member), Mexico, Oman
- Mechanism: OPEC+ sets collective production quotas; members cut or raise output to influence global oil prices and supply-demand balance
- India is NOT a member of OPEC or OPEC+; it is a major consumer and has long pushed for moderate oil prices through consumer alliances
● Tracked since February 28, 2026 · last seen June 07, 2026 · updates as the daily brief publishes