Organisation of the Petroleum Exporting Countries (OPEC)

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  • Context (TH): Angola withdrew from the Organisation of the Petroleum Exporting Countries (OPEC).
  • OPEC is a permanent, intergovernmental organization established at the Baghdad Conference in 1960.
  • Founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
  • Member countries: Algeria, Congo, Gabon, Equatorial Guinea, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, UAE, and Venezuela. Gabon rejoined OPEC in 2016.
  • Secretariat: Vienna, Austria.
  • Objective: To secure fair and stable prices for petroleum producers; an efficient, economic, and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
  • It operates on the principle of unanimity, and one member, one vote.
  • Significance: 80% of the world’s proven crude oil reserves are located in OPEC Member Countries.
    • India sources about 70% of crude oil, 60% of its Liquefied Petroleum Gas (LPG), and 30% of its liquefied natural gas (LNG), and 45% of petroleum products demand from OPEC.
  • OPEC Publication: World Oil Outlook

OPEC+

  • Also known as the Vienna Group, it was created in 2016.
  • It is a coalition of OPEC and 10 non-OPEC countries that export crude oil.
    • Non-OPEC countries: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan.
  • These countries signed a Declaration of Cooperation undertaking a production adjustment to achieve lasting stability in the oil market in the interest of oil producers and consumers.
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