☆ Founded in 1960, the Organization of Petroleum Exporting Countries (OPEC) initially comprised Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela as its founding members to ‘unify and co-ordinate its member nations’ petroleum policies in order to secure a regular supply of petroleum to consumers and a fair return to investors.

☆ Countries like Qatar, Indonesia, Libya, the United Arab Emirates (UAE), Algeria (1969), Nigeria, Ecuador, Gabon, Angola, Equatorial Guinea and Congo later joined the group.

☆ However, Ecuador, Indonesia and Qatar suspended their membership in 2020, 2016 and 2019 respectively – reducing the strength to thirteen countries currently.

The membership of OPEC is open to any country that is a big exporter of oil.

Functions of OPEC

★ The functions of OPEC include:

☆ The OPEC Member Countries regulate their oil production so that it brings security to the oil retail market and helps manufacturers get a good return on their money.

☆ The policy is also created in a habit to guarantee that consumer nations receive regular supplies of oil.

☆ The ministry of energy and hydrocarbon affairs meets twice a year to review the status of the international market and decide upon steps that will bring security to the oil market.

☆ Other meetings are also held by the Member Countries to address other topics of interest, such as those of petroleum and economic experts, as well as specialized groups such as environmental committees and panels.