WORLD HISTORY

Detailed explanation-1: -The Organization of the Petroleum Exporting Countries (OPEC, /ˈoʊpɛk/ OH-pek) is an organization enabling the co-operation of leading oil-producing countries, in order to collectively influence the global market and maximize profit.

Detailed explanation-2: -The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

Detailed explanation-3: -OPEC was established at a conference held in Baghdad September 10–14, 1960, and was formally constituted in January 1961 by five countries: Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela.

Detailed explanation-4: -Saudi Arabia has consistently been the world’s top oil exporter, with an estimated 11 million barrels per day (bpd) in 2023. The country has the largest oil reserves globally, and its oil production accounts for nearly a third of the global oil supply.

Detailed explanation-5: -OPEC aims to regulate the supply of oil in order to set the price on the world market. The arrival of fracking technology for natural gas in the U.S. has reduced OPEC’s ability to control the world market. The organization was established in 1960 by its founding members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.

Detailed explanation-6: -What is Opec+? Opec+ is a group of 23 oil-exporting countries which meets regularly to decide how much crude oil to sell on the world market. At the core of this group are the 13 members of Opec (the Organization of the Oil Exporting Countries), which are mainly Middle Eastern and African countries.