Opec is an abbreviation of Organization of the Petroleum Exporting Countries. This organization was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela to ensure “stable and fair” prices. This is done by coordinating the amount of oil each country pumps.
The cartel now has thirteen members. These are Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, the United Arab Emirates, Algeria, Nigeria, Gabon, Angola, Equatorial Guinea and Congo-Brazzaville. The headquarters of OPEC is located in Vienna, the capital of Austria.
In addition, there are a dozen countries that do not belong to OPEC, but are considered allies of the oil cartel. These include Azerbaijan, Malaysia, Mexico, Russia and Sudan.
