Organisation of Petroleum Exporting Countries (OPEC)

Topic Content:

The Organisation of Petroleum Exporting Countries (OPEC) is a body that was established in 1960 by five top oil-exporting countries, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to enable them to adopt uniform policies towards oil-importing countries. The organisation is an international economic organisation formed by some petroleum-producing countries to stabilize and control the world production and price of crude oil. 

On July 12, 1971, Nigeria became the 11th Member of OPEC. As of 2024, the organization has a total of 12 Member Countries.

Aims of OPEC:

The aims of the organisation are:

• To eliminate fluctuations in the price of the products
• To ensure a steady income for the oil-producing countries 
• To ensure stability in the price of petroleum in the international market 
• To coordinate the member countries and safeguard the interests