Below is the summary of everything you need to know about OPEC
OPEC (Organisation of the Petroleum Exporting Countries) is a permanent intergovernmental organisation of 12 oil-producing countries that coordinates petroleum policies to stabilise global oil markets.
Founding and History
OPEC was established at the Baghdad Conference (September 10–14, 1960) by five founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It was created in response to low oil prices set by major Western oil companies. Headquarters moved from Geneva to Vienna, Austria, in 1965. Key milestones include the 1973 oil crisis and the 2016 Declaration of Cooperation, which formed OPEC (OPEC plus non-OPEC producers like Russia) to manage global supply more effectively.
Objectives
OPEC’s mission is to:
Coordinate and unify petroleum policies among member countries.
Secure fair and stable prices for petroleum producers.
Ensure an efficient, economic, and regular supply of petroleum to consuming nations.
Provide a fair return on capital to investors in the industry.
Current Membership (as of April 28, 2026)
OPEC has 12 full members: Algeria (joined 1969), Congo (2018), Equatorial Guinea (2017), Gabon (1975; rejoined 2016), Iran (1960), Iraq (1960), Kuwait (1960), Libya (1962), Nigeria (1971), Saudi Arabia (1960), United Arab Emirates (1967), and Venezuela (1960). Angola withdrew in 2024. The UAE announced its intention to leave effective May 1, 2026.
Structure and Leadership
The Conference: Supreme authority (meets twice yearly).
The Board of Governors and Secretariat handle day-to-day operations.
Secretary General: H.E. Haitham Al Ghais (Kuwait), in office since August 2022 (reappointed 2024).
BREAKING: The United Arab Emirates has announced it will withdraw from OPEC after more than 50 years, with the move set to take effect May 1.
The decision would allow the UAE to boost oil production without OPEC quota limits — a major shift that could impact global oil prices.
The move is also being viewed by some as a potential win for President Trump, who has repeatedly accused OPEC of inflating prices and “ripping off the rest of the world.”