Organization code
OPEC
Category
International Organizations
Established
14 September 1960
Headquarters
Vienna, Austria (since 1965)
Members
12 member countries
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad by five major oil-producing nations to coordinate members' petroleum policies, stabilise oil prices and secure fair returns. Since 2016 it has coordinated with non-OPEC producers such as Russia through the 'OPEC+' framework, deeply influencing global energy markets.
To coordinate and unify members' petroleum policies, ensure oil price stabilisation, provide efficient and regular supply to consumers, and secure fair returns and investment for the petroleum industry.
1960
Iran, Iraq, Kuwait, Saudi Arabia and Venezuela founded OPEC in Baghdad
1965
Headquarters moved from Geneva to Vienna
1973
The oil embargo triggered the first oil crisis at the height of OPEC's influence
2016
The OPEC+ framework formed, coordinating output cuts with major non-OPEC producers
The OPEC flag is a blue field with the organization's emblem at the centre: six golden oil drops rising in wave-like formation over a globe, symbolising the shared interests of member producers and the global nature of the petroleum industry.
Adopted
Established with the organization's emblem
Usage note
Use of the OPEC emblem requires the organization's authorization.
