Organization of the Petroleum Exporting Countries.
international organization of petroleum-exporting countries
OPEC+ Seven Extend Pause on Oil Quota Increases for November
OPEC+’s seven key producers agreed to keep November oil production levels unchanged, maintaining September’s required levels as the group seeks to stabilize markets. Middle East conflict and shipping disruptions have kept actual output well below targets, while members assess future production quotas.
Business · 19 sources · Oct 5, 2026Read it
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About Organization of the Petroleum Exporting Countries
The Organization of the Petroleum Exporting Countries 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.
Everything about Organization of the Petroleum Exporting Countries →- Country
- internationality
- Headquarters
- Innere Stadt, Vienna
- Inception
- September 14, 1960
- Website
- https://www.opec.org
