OPEC

The Organization of the Petroleum Exporting Countries (OPEC) was established on September 14, 1960, in Baghdad by five founding members—Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela—to collectively influence the global oil market and maximize profits. This influential cartel significantly restructured the global oil industry, shifting power from dominant Anglo-American firms to oil-producing states and causing a dramatic rise in prices during the 1970s, with lasting global economic consequences.

Currently, OPEC comprises 12 member countries that collectively hold nearly 80% of the world's proven oil reserves. Despite its market dominance, OPEC has faced challenges since the 1980s, with members frequently deviating from production commitments, limiting its impact on oil supply and price stability. To enhance market control, a larger group known as OPEC+ was formed in late 2016, including OPEC members and other major oil-producing nations.