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.

Members

 

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 Indian Express