OPEC is an acronym for the Organization of the Petroleum Exporting Countries. It is a permanent, intergovernmental organization, created at the Baghdad Conference in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Currently, it has 13 members.
OPEC Countries – Brief History
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Government representatives from Iran, Iraq, Kuwait, Saudi Arabia and Venezuela met in Baghdad to discuss ways to increase the price of crude oil produced by their countries, and ways to respond to unilateral actions by the MOCs.
Despite strong opposition from the US, Saudi Arabia, along with other Arab and non-Arab oil producers, formed the Organization of Petroleum Producing Countries to get the best price possible from major oil corporations. Originally, Arab nations advocated for Beirut or Baghdad to be the headquarters of the OPEC but under strong objections from Venezuela, on basis of neutral grounds, Geneva in Switzerland was chosen. Due to Switzerland not extending diplomatic assurances, the headquarters of OPEC was shifted to Vienna, Austria on 1st September 1st, 1965.
By the early 1970s, OPEC’s membership accounted for more than half of worldwide oil production.
OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.
The 2019 OPEC World Oil Outlook (WOO) was launched on November 5, 2019, at the Wiener Börse in Vienna, Austria. The 13th edition of the WOO was about an in-depth review of the OPEC Secretariat’s medium- to long-term projections and assessment for the global oil and energy industry. The next meeting of OPEC is scheduled on December 5 at its headquarters in Vienna.
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