• Established: 10-14 September 1960 at Baghdad Conference. 
• Founding Members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. 
• Objective 
  • Its main goal was to prevent lowering of the prices of oil.  
  • To bring uniformity in oil production and coordinate petroleum policies to secure prices and returns. 
• Headquarters: Vienna, Austria  
• Members: Algeria, Congo, Gabon (rejoined in 2016), Equatorial Guinea, Iraq, Iran, Kuwait, Libya, Angola Joined in 2007 and withdrew in 2024.  
• Ecuador suspended its OPEC membership from 1992 until 2007 and then withdrew in 2020. 
• Publication: World Oil Outlook 
• The OPEC Fund 
  • Established in 1976 
  • Provides financial aid to developing countries for infrastructure, education and healthcare projects.

Logo of OPEC 

Map showing OPEC member countries 

Organisation of Petroleum Exporting Countries + (OPEC+)

• It is also known as the Vienna Group. 
• It was created in 2016. 
• It is a coalition of OPEC and 10 non-OPEC countries that export crude oil. 
  • Non-OPEC countries: Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan. 
• It pumps around 40% of the world’s crude oil. 
• These countries signed a Declaration of Cooperation undertaking a production adjustment to achieve lasting stability in the oil market in the interest of oil producers and consumers.