The Organization of Petroleum Exporting Countries, also known as OPEC (OPEC), is an international organization that includes a group of oil-producing countries. Founded on September 14, 1960, it is considered one of the most powerful bodies influencing oil prices globally. OPEC is considered an international economic body, and it aims to coordinate and direct the oil production policies of member states with the aim of achieving price stability in the global oil market.
OPEC goals
Achieving oil price stability By regulating oil production, OPEC seeks to stabilize global oil markets.
Working to ensure the continuity of oil supplies to global markets without major interruptions, ensuring sustainable supplies.
Protecting the interests of member states Defending the interests of member states by controlling production levels to ensure the necessary revenues are achieved.
OPEC structure
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Determine production quantities OPEC sets oil production quotas for each member country and decides whether there is a need to adjust these quotas
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Secretary General An OPEC Secretary General is elected to coordinate daily work and implement decisions
The role of OPEC in the oil market
Determine production quantities OPEC sets oil production quotas for each member country and decides whether there is a need to adjust these quotas
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Council of Ministers Major decisions in OPEC are made through the Council of Ministers, which includes oil ministers or delegations from member countries.
Secretary General An OPEC Secretary General is elected to coordinate daily work and implement decisions
The role of OPEC in the oil market
Determine production quantities OPEC sets oil production quotas for each member country and decides whether there is a need to adjust these quotas
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Headquarters: OPEC's headquarters are located in Vienna, Austria.
Council of Ministers Major decisions in OPEC are made through the Council of Ministers, which includes oil ministers or delegations from member countries.
Secretary General An OPEC Secretary General is elected to coordinate daily work and implement decisions
The role of OPEC in the oil market
Determine production quantities OPEC sets oil production quotas for each member country and decides whether there is a need to adjust these quotas
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
Member States: There are currently 13 members in OPEC: Algeria, Angola, Kuwait, Libya, Nigeria, Democratic Republic of the Congo, Ecuador, Gabon, Iran, Iraq, United Arab Emirates, and Venezuela.
Headquarters: OPEC's headquarters are located in Vienna, Austria.
Council of Ministers Major decisions in OPEC are made through the Council of Ministers, which includes oil ministers or delegations from member countries.
Secretary General An OPEC Secretary General is elected to coordinate daily work and implement decisions
The role of OPEC in the oil market
Determine production quantities OPEC sets oil production quotas for each member country and decides whether there is a need to adjust these quotas
Negotiating with consuming companies: OPEC negotiates with oil companies and consuming countries to determine quantities and prices
Monitoring market balance: Analyze the balance between supply and demand for oil and take measures to achieve stability
OPEC is one of the main bodies that influence global oil markets, and receives great attention from decision-makers in the energy sector and the global economy.
A historical overview of the Organization of Petroleum Exporting Countries (OPEC):
The Organization of Petroleum Exporting Countries (OPEC) was founded in September 1960 and its history is linked to an important historical context in the world of oil. Here is a historical overview of the development of OPEC, the historical context
1960: Establishment OPEC was founded on September 14, 1960 in Baghdad, Iraq, during a meeting between several oil-producing countries, namely Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The main goal was to enhance cooperation between oil-exporting countries and maintain oil prices
1965: Moving to Vienna OPEC headquarters moved to Vienna, Austria, in 1965, where it is located today
1970: The Arab-Israeli war and the oil crisis Following the Arab-Israeli War in 1970, OPEC countries imposed an oil export embargo on some countries supportive of Israel, leading to a global oil crisis.
1973: Oil crisis During the October War (Ramadan War) between Israel and the Arab countries in 1973, OPEC countries imposed oil sanctions on countries that supported Israel, leading to a global oil crisis and dramatically raising oil prices.
The 1980s and 1990s The subsequent decades witnessed various developments, including increased OPEC membership and multiple negotiations over future production and prices.
year 2014: Low oil prices In 2014, oil prices fell sharply, affecting the revenues of OPEC countries and leading to discussions about reducing oil production to support prices.
2016: Rebalancing agreement In December 2016, OPEC countries, in cooperation with other non-OPEC producers, reached an agreement to reduce oil production with the aim of restoring market balance and raising oil prices.
Year 2020: Impact of the COVID-19 pandemic Oil markets witnessed significant fluctuations in the wake of the outbreak of the Covid-19 pandemic, as demand for oil was greatly affected, prompting OPEC and its allies to take additional measures to reduce the effects of the pandemic.
Current OPEC member countries:
As of January 2020, OPEC has 13 members, 5 of which are in the Middle East (West Asia), 7 in Africa and 1 from South America. According to the US Energy Information Administration, OPEC's oil production (including natural gas condensate) represented 42% of the world's total oil production in 2015, and the Organization of the Petroleum Exporting Countries (OPEC) accounted for 73% of the world's oil reserves, 48% of which were in the six countries in The Middle East.
Adopting a new member country requires the approval of three-quarters of the current members of OPEC, including all five founders. In October 2015, Sudan submitted a formal application to join, but it has not yet been approved as a member. The following table shows the member countries, area, production, and oil reserves:
Country
Population
Space
Oil production
Oil reserves
The United Arab Emirates
5,779,760
83,600
2,820,000
97,800,000,000
Angola
19,625,353
1,246,700
1,842,000
9,010,000,000
Iran
81,824,270
1,648,000
3,300,000
157,800,000,000
Algeria
39,542,166
2,381,740
1,370,000
12,200,000,000
Republic of the Congo
5,125,821
342,000
260,000
1,600,000,000
Saudi Arabia
27,752,316
2,149,690
10,046,000
268,290,000,000
Iraq
37,056,169
437,072
4,054,000
144,200,000,000
Gabon
1,705,336
267,667
213,000
2,000,000,000
Venezuela
29,275,460
912,050
2,500,000
298,350,000,000
Kuwait
2,788,534
17,820
2,562,000
104,000,000,000
Libya
6,411,776
1,759,540
404,000
48,360,000,000
Nigeria
181,562,056
923,768
2,317,000
37,070,000,000
Source: International Monetary Fund database.
The total number of OPEC countries in terms of population reached 451,386,409, and the global total reached 7,256,490,011, meaning the percentage of the population of the OPEC countries out of the total global population is about 6%. In terms of area, the total area of the OPEC countries reached about 12,122,644, while the global total reached 510,072,000, meaning about a percentage of 2% out of the total global area. The total oil production from OPEC was about 33,502,000, and the total global oil production was 80,043,000, which is about a 42% percentage of global production. As for the OPEC oil reserves, it was about 1,213,150,000,000, while the total global reserve reached 1,656,130,000,000, which is a 73% percentage of the total reserve. Global .
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