What does "OPEC" stand for?
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Organization of the Petroleum Exporting Countries, a group of oil-producing nations that coordinate policies to manage oil production and prices.
Exporting Countries (OPEC)
OPEC-Header
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. OPEC seeks to ensure the stabilisation of oil prices in the international oil markets, with a view to eliminating harmful and unnecessary fluctuations, due regard being given at all times to the interests of oil-producing nations and to the necessity of securing a steady income for them. Equally important is OPEC’s role in securing an efficient, economic and regular supply of petroleum to consuming nations and a fair return on capital to those investing in the petroleum industry.
OPEC was founded on September 14, 1960, the result of a meeting that took place in the Iraqi capital of Baghdad, attended by the five Founder Members of the Organization: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Once the original agreement for establishing OPEC was signed, it was registered with the United Nations Secretariat on November 6, 1962, following UN Resolution No. 6363.
Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.