World Countries > OPEC (Organization of the Petroleum Exporting Countries)

OPEC (Organization of the Petroleum Exporting Countries)

OPEC (Organization of the Petroleum Exporting Countries) is an intergovernmental organization that was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It currently consists of 13 member countries primarily located in the Middle East, Africa, and South America.

The primary objective of OPEC is to coordinate and unify its member countries' petroleum policies, secure fair and stable prices for petroleum producers, and ensure a regular supply of petroleum to consumers. OPEC member countries collectively control around 44% of the world's crude oil production and hold more than 81.5% of the world's "proven" oil reserves. Its decisions can significantly impact global oil prices and the world economy.

In recent years, OPEC has begun making agreements with its member states and a group of 10-11 non-OPEC oil-producing countries, including Russia, which wields solid political power. This unofficial coalition is typically called OPEC+ by writers, analysts, and even OPEC members.

List of OPEC member countries

Flag Country OPEC Member StatusYear JoinedNotes
Flag of AlgeriaAlgeriaFull1969
Flag of AngolaAngolaFull2007
Flag of AzerbaijanAzerbaijanOPEC+
Flag of BahrainBahrainOPEC+
Flag of BruneiBruneiOPEC+
Flag of EcuadorEcuadorLapsed1973Left 1992, reactivated 2007, left 2020
Flag of Equatorial GuineaEquatorial GuineaFull2017
Flag of GabonGabonFull1975
Flag of IndonesiaIndonesiaLapsed1962Left 2009, reactivated Jan. 2016, left Nov. 2016
Flag of IranIranOriginal1960
Flag of IraqIraqOriginal1960
Flag of KazakhstanKazakhstanOPEC+
Flag of KuwaitKuwaitOriginal1960
Flag of LibyaLibyaFull1962
Flag of MalaysiaMalaysiaOPEC+
Flag of MexicoMexicoOPEC+
Flag of NigeriaNigeriaFull1971
Flag of OmanOmanOPEC+
Flag of PhilippinesPhilippinesOPEC+Considered OPEC+ in some instances, but not others
Flag of QatarQatarLapsed1961Left 2019
Flag of Republic of the CongoRepublic of the CongoFull2018
Flag of RussiaRussiaOPEC+
Flag of Saudi ArabiaSaudi ArabiaOriginal1960
Flag of South SudanSouth SudanOPEC+
Flag of SudanSudanOPEC+
Flag of United Arab EmiratesUnited Arab EmiratesFull1967Joined as Abu Dhabi in 1967, switched to United Arab Emirates in 1971.
Flag of VenezuelaVenezuelaOriginal1960