OPEC

Not to be confused with Asia-Pacific Economic Cooperation.

Organization of the Petroleum Exporting Countries
Flag Emblem
Founding (dark blue) and current (medium blue) members of OPEC, members of OPEC+ (light blue), and former OPEC members (red)
Headquarters	Vienna, Austria
Official languages	English
Type	Intergovernmental organization, Cartel
Membership	11 member states Algeria Republic of the Congo Equatorial Guinea Gabon Iran Iraq Kuwait Libya Nigeria Saudi Arabia Venezuela 11 OPEC+ member states Azerbaijan Bahrain Brazil Brunei Kazakhstan Malaysia Mexico Oman Russia South Sudan Sudan
Leaders
• Secretary General	Haitham al-Ghais
Establishment	Baghdad, Iraq
• Statute	14 September 1960 (14 September 1960)
• In effect	January 1961 (January 1961)
Website opec.org

The Organization of the Petroleum Exporting Countries (OPEC /ˈoʊpɛk/ OH-pek) is an intergovernmental cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 11 member countries, accounted for 38 percent of global oil production in 2022. It is estimated that 79.5 percent of the world's proven oil reserves are located within OPEC nations, with the Middle East alone accounting for 67.2 percent of OPEC's total reserves.

In a series of steps in the 1960s and 1970s, OPEC restructured the global system of oil production in favor of oil-producing states and away from an oligopoly of dominant Anglo-American oil firms, the "Seven Sisters". In the 1970s, restrictions in oil production led to a dramatic rise in oil prices with long-lasting and far-reaching consequences for the global economy. Since the 1980s, OPEC has had a limited impact on world oil-supply and oil-price stability, as there is frequent cheating by members on their commitments to one another, and as member commitments reflect what they would do even in the absence of OPEC.

The formation of OPEC marked a turning point toward national sovereignty over natural resources. OPEC decisions have come to play a prominent role in the global oil market and in international relations. Economists have characterized OPEC as a textbook example of a cartel, a group whose members cooperate to reduce market competition and obtain monopoly profits.

The current OPEC members are Algeria, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, and Venezuela. The former members are Angola, Ecuador, Indonesia, Qatar, and the United Arab Emirates. OPEC+ is a larger group consisting of OPEC members and other oil-producing countries. It was formed in late 2016 to better control the global crude oil market. Canada, Egypt, Norway, and Oman have attended some meetings as observers. The United Arab Emirates left both OPEC and OPEC+ in 2026.