Who are the 14 members of OPEC?
The current OPEC members are the following: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.
What are the 15 OPEC member countries?
Currently, the Organization comprises 15 Member Countries – namely Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
What are 5 OPEC countries?
The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Is India member of OPEC+?
India became an associate member of the International Energy Agency in 2017. Mexico officially became the International Energy Agency’s 30th member country in February 2018, and its first member in Latin America.
What are OPEC’s three goals?
OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
Is Gabon a member of OPEC?
The Republic of Gabon is situated on the western shores of Central Africa. Gabon became a full member of OPEC in 1975 but terminated its membership in 1995. It re-joined the Organization on 1 July 2016.
Why does the US not join OPEC?
The United States is not part of OPEC. This means that the country has control over its own production and supply without any interference from the organization.
What are the strengths of OPEC?
Another of its clear strengths is that together the cartel’s 15 member states hold 82% of the world’s oil reserves. The most recent calculation indicates that OPEC controls 1214.21 billion barrels out of a worldwide total of 1482.77 billion barrels in situ. Venezuela holds the largest oil reserves in the world.