Fifteen countries comprise the Organization of the Petroleum Exporting Countries, more often known as OPEC. Over 81.5 percent of the world’s oil reserves are held by OPEC’s 15 member countries, which produce 44 percent of the world’s oil.
Consequently, the intergovernmental body works together to coordinate and harmonize policies mostly related to the oil price.
A stable oil supply is OPEC’s primary goal, but it also provides a consistent income for oil producers and a return for investors via its regulations. The organization not only controls price but also offers data on the global oil market.
There were five founding members: Saudi Arabia, Venezuela, Iran, Kuwait, and Iraq in Baghdad. OPEC’s headquarters were established in Vienna, Austria, in 1965 and have remained there ever since.
There are now 15 countries that are members of the Organization of the Petroleum Exporting Countries (OPEC). In South America, there are two, while six are in the Middle East and seven are on the continent of Africa. Included in this group are:
- Equatorial Guinea
- Republic of the Congo
- Saudi Arabia
- United Arab Emirates
The six countries in the Middle East have two-thirds of the overall output and reserves of the organization. The kingdom of Saudi Arabia has the position of de facto supreme authority inside the organization.
Also See: Oligarchy Countries 2022
As of 2008, Indonesia has indicated that it would no longer be a member of OPEC since it couldn’t satisfy its oil output limit. Although the country returned in 2016, it was just for a short time.
OPEC meetings have attracted a wide range of international observers, including Mexico, Norway, Oman, Russia, and Egypt.
|Country||Date OPEC Entry||2022 Population|
|Republic of the Congo||2018||5970.4240|
|United Arab Emirates||1967||9441.1290|