OPEC
History, Structure, and Function
The Organization of the Petroleum Exporting Countries (OPEC) was founded on 14 September 1960 in Baghdad by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It was established to coordinate petroleum policies among member states, assert sovereignty over natural resources, and counter the pricing power of Western oil companies (the "Seven Sisters") that had dominated global oil markets. By the early 1970s, OPEC had expanded to include countries such as Algeria, Libya, Nigeria, the UAE, and others. The cartel functions through a Conference of oil ministers that meets periodically to set overall production ceilings and assign individual country quotas.
- Founded: 14 September 1960, Baghdad; headquarters in Vienna, Austria.
- Original members: Iran, Iraq, Kuwait, Saudi Arabia, Venezuela; UAE joined in 1967.
- Decision-making: Consensus-based Conference of oil ministers sets production targets.
- Current membership (post-UAE exit): 12 members controlling roughly 30% of global oil supply.
- OPEC+ (since 2016): Cooperation framework with non-OPEC producers including Russia, Kazakhstan, and Azerbaijan — representing about 41% of global supply.
● Tracked since February 28, 2026 · last seen June 07, 2026 · updates as the daily brief publishes