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What is OPEC? Give a brief about it.

Question by Sydney Mulunda On 23 March 2020, 21:05:16


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Answer by Sydney Mulunda On 23 March 2020, 21:12:30

OPEC refers to the Organization of Petroleum Exporting Countries. It comprises of countries that produce and export crude oil and natural gas across the world. OPEC was founded in September 1960 In Baghdad, Iraq by five counrties namely: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It currently has 13 member countries which are:Algeria, Angola, Congo, Equitorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela. As of the end of 2019, OPEC was producing approximately 44% of the world's total crude oil production and has 21% of the total crude oil reserves. Moreover, it has more than 48% of the global natural gas reserves. 





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