OPEC

Organization of Petroleum Exporting CountriesOrganization of the Petroleum Exporting CountriesOrganization of Petroleum Exporting Countries (OPEC)Organisation of the Petroleum Exporting CountriesOPEC membersFlag of the Organization of Petroleum Exporting Countriesmajor oil-exporting countryMember states of OPECoil-exporting countriesOPEC countries
The Organization of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organization of nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.wikipedia
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Iran

PersiaIslamic Republic of IranIranian
The Organization of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organization of nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
Iran is a founding member of the UN, ECO, NAM, OIC, and OPEC.

List of countries by proven oil reserves

oil-rich countryproven oil reservesbuy oil from Iran
the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.
Different sources (OPEC, CIA World Factbook, oil companies) give different figures.

List of countries by oil production

List of oil-producing statesoil produceroil production
the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.
Approximately 68% came from the top ten countries, and an overlapping 44% came from the fourteen current OPEC members, in the table below.

Price of oil

oil pricesoil priceprice of petroleum
the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.
In 1960 the Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq by its first five members—Iran, Iraq, Kuwait, Saudi Arabia and Venezuela —with Qatar and Libya joining immediately, followed by United Arab Emirates, Algeria, Nigeria, Ecuador and Gabon after a decade.

Algeria

AlgerianPeople's Democratic Republic of AlgeriaAlgérie
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
According to OPEC Algeria has the 16th largest oil reserves in the world and the second largest in Africa, while it has the 9th largest reserves of natural gas.

Nigeria

Federal Republic of NigeriaNigerianNGA
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
Nigeria is a founding member of the African Union and a member of many other international organizations, including the United Nations, the Commonwealth of Nations and OPEC.

Energy supply

energy suppliesenergyenergy supplier
The stated mission of the organization is 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, a steady income to producers, and a fair return on capital for those investing in the petroleum industry."
This supply of energy can be disrupted by several factors, including imposition of higher energy prices due to action by OPEC or other cartel, war, political disputes, economic disputes, or physical damage to the energy infrastructure due to terrorism.

Angola

Republic of AngolaAngolanAO
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela. Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Acting Secretary General in 2006, urged his African neighbors Angola and Sudan to join, and Angola did in 2007, followed by Equatorial Guinea in 2017.
Angola is a member state of the United Nations, OPEC, African Union, the Community of Portuguese Language Countries, and the Southern African Development Community.

Cartel

cartelsprice fixing cartelTrusts
Economists often cite OPEC as a textbook example of a cartel that cooperates to reduce market competition, but one whose consultations are protected by the doctrine of state immunity under international law.
States pursuing their economic interests may also form cartels, e.g. OPEC.

Kuwait

State of KuwaitKuwaitiKWT
The Organization of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organization of nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.
Tensions between the two countries increased further in July 1990, after Iraq complained to OPEC claiming that Kuwait was stealing its oil from a field near the border by slant drilling of the Rumaila field.

Seven Sisters (oil companies)

Seven Sistersmajor oil companiesFive Sisters
the then 14 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.
Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies in emerging-market economies, such as Saudi Aramco, Gazprom (Russia), China National Petroleum Corporation, National Iranian Oil Company, PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia).

United Arab Emirates

UAEEmiratiUnited Arab Emirates (UAE)
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
It is a member of the United Nations, the Arab League, the Organisation of Islamic Cooperation, OPEC, the Non-Aligned Movement and the Gulf Cooperation Council.

Petroleum politics

oil politicsenergy politicsinternational relations
The formation of OPEC marked a turning point toward national sovereignty over natural resources, and OPEC decisions have come to play a prominent role in the global oil market and international relations.
The Commission retained de facto control of the market until the rise of OPEC in the 1970s.

Libya

State of LibyaLibyanLBY
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
Libya is a member of the United Nations (since 1955), the Non-Aligned Movement, the Arab League, the OIC and OPEC.

Railroad Commission of Texas

Texas Railroad CommissionRailroad CommissionerTexas Railroad Commissioner
The United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commission in limiting overproduction.
From the 1930s to the 1960s it largely set world oil prices, but was displaced by OPEC (Organization of Petroleum Exporting Countries) after 1973.

Intergovernmental organization

intergovernmental organisationintergovernmentalintergovernmental organizations
The Organization of the Petroleum Exporting Countries (OPEC, ) is an intergovernmental organization of nations, founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.

Abdullah Tariki

Abdullah al-TarikiAbdullah Al Tariki
Weeks later, the Arab League's first Arab Petroleum Congress convened in Cairo, Egypt, where the influential journalist Wanda Jablonski introduced Saudi Arabia's Abdullah Tariki to Venezuela's observer Juan Pablo Pérez Alfonzo, representing the two then-largest oil-producing nations outside the United States and the Soviet Union.
He was the first Saudi oil minister appointed by King Saud, and co-founder of Organization of Petroleum Exporting Countries (OPEC) along with Venezuelan minister Juan Pablo Pérez Alfonso.

1970s energy crisis

energy crisisoil crisisoil shocks
In the 1970s, restrictions in oil production led to a dramatic rise in oil prices and in the revenue and wealth of OPEC, with long-lasting and far-reaching consequences for the global economy.
In October 1973, the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC) proclaimed an oil embargo "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war; it lasted until March 1974.

Gabon

ProvinceGabonese RepublicGAB
Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the de facto leader), the United Arab Emirates and Venezuela.
In 1995, Gabon withdrew from the Organization of the Petroleum Exporting Countries (OPEC), rejoining in 2016.

Austria

AUTAustrianRepublic of Austria
On 1 September 1965, OPEC moved to Vienna, Austria, after Switzerland declined to extend diplomatic privileges.
It plays host to the OSCE and OPEC and is a founding member of the OECD and Interpol.

Mohammed Barkindo

Mohammed Sanusi Barkindo
Indicating that OPEC is not averse to further expansion, Mohammed Barkindo, OPEC's Acting Secretary General in 2006, urged his African neighbors Angola and Sudan to join, and Angola did in 2007, followed by Equatorial Guinea in 2017.
Since 1 August 2016, he has been the Secretary General of OPEC.

Petrodollar recycling

petrodollarpetrodollarspetro-dollar
The world experienced a global economic recession, with unemployment and inflation surging simultaneously, steep declines in stock and bond prices, major shifts in trade balances and petrodollar flows, and a dramatic end to the post-WWII economic boom.
It generally refers to the phenomenon of major petroleum-exporting nations, mainly the OPEC members plus Russia and Norway, earning more money from the export of crude oil than they could efficiently invest in their own economies.

Qatar

QatariState of QatarQAT
Indonesia and Qatar are former members.
Qatar was an early member of OPEC and a founding member of the Gulf Cooperation Council (GCC).

Juan Pablo Pérez Alfonzo

Juan Pablo Pérez AlfonsoJuan Pablo Perez Alfonzo
Weeks later, the Arab League's first Arab Petroleum Congress convened in Cairo, Egypt, where the influential journalist Wanda Jablonski introduced Saudi Arabia's Abdullah Tariki to Venezuela's observer Juan Pablo Pérez Alfonzo, representing the two then-largest oil-producing nations outside the United States and the Soviet Union.
Juan Pablo Pérez Alfonzo (13 December 1903 – 3 September 1979), was a prominent Venezuelan diplomat, politician and lawyer primarily responsible for the inception and creation of OPEC.

Indonesia

Republic of IndonesiaIndonesianIndonesian Republic
Indonesia and Qatar are former members.
Indonesia is a signatory to the ASEAN Free Trade Area agreement, the Cairns Group, and the World Trade Organization (WTO), and an occasional member of OPEC.