How To Guide For: A Look At Who OPEC Is -- What They Do & The Latest On The OPEC Deal
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent,
intergovernmental Organization, that was 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 nine other Members: Qatar, Indonesia,
OPEC moved its headquarters to Vienna, Austria on September 1, 1965. OPEC's objective is to coordinate and unify petroleum policies among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. Today in Vienna, the Organization of the Petroleum Exporting Countries reached a deal to cut their oil production by 1.2 million barrels per day in order to raise global prices. Global oil prices rose nearly 9% on today’s news, with Brent crude rising from $46 per barrel up to $51 per barrel. The deal’s success depends on non-OPEC countries like Russia also agreeing to curtail production. To get more information on who OPEC is, what they do and the latest on the OPEC deal click the pictures below to read the articles.
