The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership in December 1992, reactivated it in October 2007, but decided to withdraw its membership effective 1 January 2020; Angola (2007); Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea (2017); and Congo (2018). 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.
Example Article of the OPEC (Organization of the Petroleum Exporting Countries) :
OPEC Reduced Oil Production Ahead Of Deeper Cuts Decision: By Tsvetana Paraskova, Oil Price on 11 December 2019 - OPEC’s crude oil production declined by 193,000 bpd in November from October, as the cartel’s leader Saudi Arabia cut production ahead of the OPEC+ meeting, Iraq tried to fall in line with its quota, and Iran further suffered from the U.S. sanctions. OPEC’s crude oil production averaged 29.55 million bpd in November, the cartel said in its closely-watched Monthly Oil Market Report (MOMR) on Wednesday. The previous monthly report showed that OPEC’s production had jumped by nearly 1 million bpd in October compared to September after top producer Saudi Arabia recovered from the mid-September attacks. In October, the OPEC member with the second-largest monthly production boost was none other than Venezuela, which saw its production rise by 42,000 bpd, according to OPEC’s secondary sources which the cartel uses to track production and compliance.
