Organization of the Petroleum Exporting Countries (OPEC)

• Integrity Education, Delhi
• 04, Jul 2021

Why in news: OPEC+ seeks consensus on oil output

• Mission of OPEC: To coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers
• 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
• Membership: Any country with a substantial net export of crude petroleum, which has fundamentally similar interests to those of Member Countries, may become a Full Member of the Organization

Member Countries

• Algeria, Angola, Congo
• Equatorial Guinea, Gabon 
• Iran, Iraq, Kuwait 
• Libya, Nigeria, Saudi Arabia 
• United Arab Emirates, Venezuela

OPEC+ members
In addition to formal OPEC members, 10 additional oil exporting countries, led by Russia, form the OPEC+ cartel.

• Russia, Azerbaijan, Bahrain
• Brunei, Kazakhstan, Malaysia
• Mexico, Oman, South Sudan, Sudan