OPEC Countries

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The Organization of the Petroleum Exporting Countries, or OPEC as it is frequently known, is an organization made up of 15 countries. The 15 nations that are a member of OPEC produce about 44% of the world’s oil and own over 81.5% of the world’s oil reserves. Because of this, the intergovernmental organization works together to coordinate and unify policies primarily surrounding the pricing of oil.

Through its policies, OPEC aims to provide a steady supply of oil to consumers, while also providing a steady income for the oil producers and a return for investors. In addition to regulating pricing, the organization also provides information about the international oil market.

The organization was original launched in 1960 in Baghdad by five founding members: Saudi Arabia, Venezuela, Iran, Kuwait, and Iraq. In 1965, OPEC’s headquarters was set up in Vienna, Austria, where it remains today.

There are a total of 15 nations that are members of OPEC. Two are located in South America, six in the Middle East, and seven in Africa. These nations include:

Of these nations, the six nations in the Middle East own two-thirds of the organization’s total production and reserves. Saudi Arabia is the de facto leader of the organization. The nation of Indonesia was once part of OPEC but announced that it would be leaving the organization in 2008 because it would not be able to meet the production quota. However, the nation returned in 2016 but left again under a temporary suspension.

Throughout the years, there have been many observers of OPEC meetings, including Mexico, Norway, Oman, Russia, and Egypt.

OPEC Countries

Country Date OPEC Entry 2021 Population
Algeria196944,616,624
Angola200733,933,610
Ecuador197317,888,475
Equatorial Guinea20171,449,896
Gabon20162,278,825
Iran196085,028,759
Iraq196041,179,350
Kuwait19604,328,550
Libya19626,958,532
Nigeria1971211,400,708
Qatar19612,930,528
Republic Of The Congo20185,657,013
Saudi Arabia196035,340,683
United Arab Emirates19679,991,089
Venezuela196028,704,954

OPEC Countries