This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional. It is a permanent, intergovernmental organization, created at the Baghdad Conference in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. The Organization of the Petroleum Exporting Countries (OPEC) is a. Gabon terminated its membership in January 1995. OPEC plus countries include Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. OPEC is defined as an abbreviation for Organization of Petroleum Exporting Countries, which is a union of oil producing countries that regulate the amount of oil each country is able to produce. According to the U.S. Energy Information Administration (EIA), OPEC's combined rate of oil production (including gas condensate) represented 44 percent of the world's total in 2016, and OPEC accounted for 81.5 percent of the world's "proven" oil reserves. All rights reserved    |, Click here for Online Inquiry form to join Drishti IAS programmes, Click here for Answer Key : GS Prelims (Paper-I) 2020. As of January 2020, OPEC has 13 member countries: five in the Middle East (Western Asia), seven in Africa, and one in South America. The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at the Baghdad Conference in 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. OPEC stands for Organization of the Petroleum Exporting Countries. Its members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Iran, Iraq, Kuwait, United Arab Emirates(UAE), Saudi Arabia, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of Congo, Angola, Ecuador and Venezuela are members of OPEC. That's 54% of the total world exports of 46 mbd. Learn more. The Organization of Petroleum Exporting Countries is an organization of 14 oil-producing countries. Organization of Petroleum Exporting Countries, (Commerce) Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. The International Energy Agency (IEA) is an. Current Affairs - Polity & Nation (28th September - 3rd October) – Watch On YouTube, UPSC Prelims 2020 Paper Analysis | Economics – Watch On YouTube, The deadlock over GST compensation l Editorial Analysis - Oct.07, 2020 – Watch On YouTube, Current Affairs - Indian Culture & Historical Events (28th September - 3rd October) – Watch On YouTube, Important Institutions - BRICS – Watch On YouTube, AVADH SINGHAL (Rank - 62, UPSC CSE -2019) – Watch On YouTube, The curious case of Oversight boards l Editorial Analysis - Oct.06, 2020 – Watch On YouTube, Drishti The Vision Foundation641, 1st Floor, Dr. Mukherjee Nagar, Opp Signature View Apartment, New Delhi-110009, Please login or register to view note list, Please login or register to list article as bookmarked, Please login or register to make your note, Please login or register to list article as progressed, Copyright © 2018-2020 Drishti The Vision Foundation, India. Organization of Petroleum Exporting Countries. Its members are Algeria, Angola, Indonesia, … (Commerce) Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. In 2018, it exported 25 million barrels of crude oil a day. According to the International Energy Agency (IEA), the Organisation of the Petroleum Exporting Countries (OPEC+) plus might face sharp demand fall due to a recent surge in crude oil production from the countries like USA, Norway, and Guyana. All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. OPEC, in full Organization of the Petroleum Exporting Countries, multinational organization that was established to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. Its members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Sanusi Barkindo, during the meeting, congratulated all, The decision extends the deal agreed during the fifth, Zanganeh said on Tuesday that Iran had approved of extended, Saudi oil output in May was 9.67 mbpd, according to, These "big brothers" were reported to have agreed to cut production ahead of the, "Qatar has decided to withdraw its membership from, Dictionary, Encyclopedia and Thesaurus - The Free Dictionary, Organization of Petroleum-Exporting Countries, Democratic and Popular Republic of Algeria, Socialist People's Libyan Arab Jamahiriya, the webmaster's page for free fun content, OPEC cuts 2018 world oil demand growth forecast over Turkey, Brazil, Argentina concern, OMAN TO HOST OPEC'S JOINT MINISTERIAL MONITORING COMMITTEE MEETING ON JAN 21, Oil market stability improving: Opec chief, OPEC's crude oil output down by 246,000 b/d, Iranian Minister Content with New OPEC Decisions, Oil prices dictated by market, not Opec: UAE minister. However, it rejoined the Organization in July 2016. Ecuador and Gabon were members but withdrew in 1992 and 1995 respectively. Organization of Petroleum-Exporting Countries: an organization formed in 1961 to administer a common policy for the sale of petroleum. OPEC definition: 1. abbreviation for Organization of Petroleum Exporting Countries: a group of countries that…. OPEC members hold 82% of the world's proven oil reserves. Currently, it has 13 members. An example of OPEC members are Saudi Arabia, Iran and Iraq. As of 2019, OPEC has a total of 14 Member Countries viz.