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14/09/1960 Oil exporters find OPEC

2:35

OPEC - The Organization of the Petroleum Exporting Countries

4:01

OPEC 50 years later

The OPEC is an intergovernmental organization of 15 nations, founded in 1960 in Baghdad and headquartered since 1965 in Vienna, Austria. The stated mission of the organization is to "coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers,
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    • Essentials 

    • Post-WWII situation 

    • 1959–1960 anger from exporting countries 

    • 1960–1975 founding and expansion 

    • 1973–1974 oil embargo 

    • 1975–1980 Special Fund, now OFID 

    • 1975 hostage siege 

    • 1979–1980 oil crisis and 1980s oil glut 

    • 1990–2003 ample supply and modest disruptions 

    • 2003–2011 volatility 

    • 2008 production dispute 

    • 2014–2017 oil glut 

    • 2017–2020 production cut and OPEC+ 

    • 2020 Saudi-Russian price war 

    • Current member countries 

    • Lapsed members 

    • Observers 

    • Vienna Group 

    • Leadership and decision-making 

    • International cartel 

    • Conflicts 

    • Publications and research 

    • Crude oil benchmarks