OPEC AND OPEC+

(Organization of the Petroleum

Exporting Countries)
 CONTENT
● INTRODUCTION
● MEMBERS OF OPEC AND OPEC+
● Impact of OPEC AND OPEC+
● OPEC Conference
● Function of OPEC
 INTRODUCTION

The Organization of the Petroleum Exporting

Countries is an organization enabling the co-operation
of leading oil-producing countries, in order to
collectively influence the global market and maximise
profit. Founded on 14 September 1960 in Baghdad by
the first five members (Iran, Iraq, Kuwait, Saudi
Arabia, and Venezuela).Previously they were known as
“Seven-Sisters” Grouping of multinational companies.
 MEMBERS OF OPEC AND OPEC +
1).OPEC CONTAIN TOTAL 13 MEMBERS
(Algeria,Angola,Republic of the Congo,Equatorial
Guinea,Gabon,Iran,Iraq,Kuwait,Libya,Nigeria,Saudi
Arabia,United Arab Emirates,Venezuela).

2).As of September 2018, the 13 member countries

accounted for an estimated 44 percent of global oil
production and 81.5 percent of the world's proven oil
reserves,
 MEMBERS OF OPEC AND OPEC +

OPEC+ CONTAINS 10 MEMBERS ( Azerbaijan,

Bahrain, Brunei, Kazakhstan, Malaysia, Mexico,
Oman, Russia, South Sudan and Sudan.) OPEC+ was
formed in 2016. Which lead to fall in demand of
OPEC.
 Impact OPEC AND OPEC+

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. Any
disturbance in these oil producing countries affect the
oil price in the world. It mainly aims at stabilizing the
petroleum prices.
 OPEC Conference

The OPEC Conference is the supreme authority of the

organization, and consists of delegations normally
headed by the oil ministers of member countries. The
chief executive of the organization is the OPEC
secretary general(Currently Haitham al-Ghais). The
conference meets at the Vienna headquarters, at least
twice a year and in additional extraordinary sessions
when necessary.
 OPEC HISTORY
●The organization of the Petroleum Exporting Countries is
Permanent Intergovernmental Organization
●The five founding Members were later joined by:-

COUNTRY REGION MEMBERSHIP

Algeria North Africa Since 1969
Angola Southern Africa Since 2007
Republic of the Congo Central Africa Since 2018
Equatorial Guinea Central Africa Since 2017
Gabon Central Africa Since 2016
Iran Middle East Since 1960
Iraq Middle East Since 1960
Kuwait Middle East Since 1960
Libya North Africa Since 1962
Nigeria West Africa Since 1971
Saudi Arabia Middle East Since 1960
United Arab Emirates Middle East Since 1967
Venezuela South America Since 1960
 Function of OPEC

●OPEC Members countries maintain there oil

production to maintain stability in petroleum market
and get good return on there investment
●They also work to maintain there OPEC fund of

International development Established in 1976. This

fund is dedicated to improve life of people of about
135 countries by providing Public,Private,Trade sector
financing.