The full form of OPEC is the Organization of Petroleum exporting countries. As the name suggests it is a committee that provides fair trading of petroleum in all the countries. Moreover, the OPEC has all the major oil-producing countries as its member. Some of the big names are Iran, UAE, Nigeria, and other such countries. OPEC had its headquarters in Geneva, Switzerland for the initial five years and later to Austria. Formerly, the oil industry was manageable only by the SEVEN SISTERS, or the seven rich oil production nations of the world. However, trading is much more transparent and fair now.
The organization of petroleum exporting countries is known as OPEC. The OPEC has all the major oil-producing nations as its member. Some of the big names are Iran, UAE, Nigeria, and other such republics. OPEC aims to get the best chance for all traders in the world. Moreover, it also works in interchange the oil at fair values and creating healthy relationships.
OPEC aims to get the best opportunity for all traders among the world. Moreover, it also works in trading the oil at fair prices and creating healthy relationships. As of 2019, the OPEC members contributes to 91.15% of the total petroleum on the earth. Also, the founding members themselves have around 80% market cap of oil. The OPEC holds several meetings to discuss issues like storing, producing, and trading oil. Moreover, this is a very important meeting for all the buyers to ensure the fair price and any change in the policy. You can visit the official OPEC website form more insights.
Do you know that?
How many countries are in OPEC?
Let’s know about it-:
13 Member Countries are in the Organization of petroleum exporting countries(OPEC).
for knowledge -: Vienna -:In a communique released after its meeting in Vienna, OPEC officially noticed that Ecuador had left the oil producers’ association operative 01 January 2020.
The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) is in Vienna, Austria. OPEC was founded in September 1960. The Founders of OPEC are Juan Pablo Pérez Alfonzo, Abdullah Tariki. The main objective of OPEC is to unify petroleum policies among Member Countries and ensure secure fair and stable prices for petroleum producers.
Is India a member of OPEC?
No, India is not a member of OPEC. India is the world’s highest oil consumer which stands at third position.
Who are the member countries of OPEC?
The current OPEC members are the United Arab Emirates, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Algeria, Angola, Equatorial Guinea, Venezuela, and Saudi Arabia.
| Term | Full Form |
| OPEC | Organization of petroleum exporting countries |
FAQ’s
As the name suggests it is a committee that provides fair trading of petroleum in all the countries. Moreover, the OPEC has all the major oil-producing countries as its member. Some of the big names are Iran, UAE, Nigeria, and other such countries.
OPEC is short form of Organization of Petroleum exporting countries.
Organization of Petroleum exporting countries is full from of OPEC.