Organization of the Petroleum Exporting Countries (OPEC)

OPEC was established in 1960 in Baghdad by five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

  • It is headquartered in Vienna, Austria.
  • It aims to coordinate and unify petroleum policies among member countries and ensure stable oil markets.
  • It controls a significant share of the world’s proven oil reserves and production.
  • OPEC and its partners (OPEC+) have implemented production cuts to stabilise global oil prices.
  • These cuts have contributed to price volatility, affecting import-dependent countries like India by increasing energy costs and inflationary pressures. ....
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