opec what is opec organization

In this video, we'll answer the question, what is Opec? We'll also take a look at the different Opec countries and the Opec Organization. Finally, we'll provide a brief explanation of what Opec is and what its goals are.

If you're looking to learn more about the Organization of the Petroleum Exporting Countries, then this is the video for you! We'll provide you with an overview of what Opec is, what its members are and what its goals are. We'll also provide a brief explanation of what happens when there's a disagreement between members of Opec. So whether you're a student interested in global politics or just want to know more about Opec, be sure to watch this video
The Organization of the Petroleum Exporting Countries OPEC is an organization enabling the co-operation of leading oil-producing countries, in order to collectively influence the global market and maximize profit. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has, since 1965, been headquartered in Vienna, Austria, although Austria is not an OPEC member state. As of September 2018, the 13 member countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's proven oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so-called "Seven Sisters" grouping of multinational oil companies.

OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

In October 2022, OPEC+ led by Saudi Arabia announced a large cut to its oil output target which will anger the USA and aid Russia. In response, US President Joe Biden vowed "consequences" and said the US government would "re-evaluate" the longstanding U.S. relationship with Saudi Arabia.[158] Robert Menendez, the Democratic chairman of the U.S. Senate Foreign Relations Committee, called for a freeze on cooperation with and arms sales to Saudi Arabia, accusing the kingdom of helping Russia underwrite its war with Ukraine.