Organization of the Petroleum Exporting Countries (OPEC) UPSC

Organization of the Petroleum Exporting Countries (OPEC)

What is OPEC ?

It is an intergovernmental organization of 14 nations to coordinate and unify their petroleum policies and ensure the stabilization of oil markets, in order to have regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry.

Where is Head quarters of OPEC located ?

HQ – Vienna (Austria).

Who all are members of OPEC ?

Members -Iran, Iraq, Kuwait, Saudi Arabia, Venezuela Libya, UAE, Algeria, Nigeria, Gabon, Angola, Ecuador, Equatorial Guinea and Congo.

Note:-

Qatar announced its termination of its membership from January 2019.

Russia is not a member of OPEC.

Facts:- 

The countries accounted for an estimated 42% of global oil production and 73% of the world's "proven" oil reserves.

2/3rd of OPEC's oil production and reserves are in its 6 Middle Eastern countries that surround the oil-rich Persian Gulf.

OPEC collaborated with five other international organizations (APEC, Eurostat, IEA, OLADE (es), UNSD) to improve the availability and reliability of oil data. 

Report published by OPEC ?

Since 2007, OPEC has published the "World Oil Outlook" annually, in which it presents a comprehensive analysis of the global oil industry including medium and long-term projections for supply and demand.