🏢 Company

OPEC

International petroleum organization

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Geopolitics (4)
Energy markets (2)
Energy Markets (2)
Diplomacy (2)
Nuclear negotiations (1)
Supply Chain (1)

🏷️ Keywords

OPEC (4) · US-Iran talks (3) · Oil prices (2) · oil prices (2) · sanctions (2) · energy markets (2) · Nuclear program (1) · Brent crude (1) · WTI (1) · Geneva negotiations (1) · Supply concerns (1) · Geopolitical tensions (1) · Energy markets (1) · Supply disruption (1) · State of the Union (1) · US-Iran deal (1) · supply risks (1) · crude oil (1) · JCPOA (1) · nuclear negotiations (1)

📖 Key Information

The Organization of the Petroleum Exporting Countries (OPEC OH-pek) is an organization enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit. It was founded on 14 September 1960 in Baghdad by the first five members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The organization, which currently comprises 12 member countries, accounted for 38 percent of global oil production, according to a 2022 report.