Organization of the Petroleum Exporting Countries

What is OPEC?

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) – suspended its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973)

OPEC's mission is to co-ordinate and unify petroleum policies among Member Countries, in order to maintain fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations. A fair return on capital to those investing in the industry.

Important terms with OPEC

Reference Basket- this is the price per barrel for the U.S.

Global Energy Security- is a balanced and mutually supportive supply and demand network.

A Quick History of War, OPEC, and Gas Prices
Oil and OPEC