It is a permanent intergovernmental organization of oil-exporting countries.

Formation 

  • It was established in 1960 by the five founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

Headquarters

  • Vienna, Austria.

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.

Memebers

  • Countries Currently Part of Grouping: Algeria, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela.
  • Note: Angola withdrew effective January 1, 2024, and Qatar terminated its membership in 2019. UAE Exit on April 2026
OPEC+

  • It is a group of oil exporters consisting of 23 member countries which meet regularly to decide how much crude oil to sell on the world market.
  • It comprises 13 OPEC countries plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Russia, Mexico, Malaysia, South Sudan, Sudan, and Oman.

 

Source: The Hindu

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