Organization of Petroleum Exporting Countries (OPEC)

Definition - What does Organization of Petroleum Exporting Countries (OPEC) mean?

The Organization of Petroleum Exporting Countries (OPEC) is a permanent international governmental organization which coordinate and consolidate the petroleum policies. Since its formation its headquarters were in Geneva for five consecutive years of existence. Later on, it moved to Vienna, Austria in 1965. Algeria, Ecuador, Iraq, Angola, United Arab Emirates, Nigeria, Saudi Arabia, Iraq, Libya, and Kuwait are the main members of the organization. It not only ensures a fair supply of petroleum products to consumers but also produces a good return on capital for the petroleum investors.

Petropedia explains Organization of Petroleum Exporting Countries (OPEC)

Founded in Baghdad, Iraq in 1960, the Organization of Petroleum Exporting Countries (OPEC) is one of the major intergovernmental organizations in Vienna that compromises of the world’s 12 main oil exporting nations. It provides economic and technical aid to the member countries and it aims to ensure the stabilization of oil markets by offering a steady and regular supply of oil and petroleum to the consumers. It sets specific production targets for the member nations which may have adverse effects on the world market and if the OPEC targets are not accomplished then the oil price increases in the market.

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