OPEC facts for kids
Quick facts for kids
Organization of the Petroleum Exporting Countries
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 Flag
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| Headquarters | Vienna, Austria |
| Official language | English |
| Type | Cartel |
| Membership | |
| Leaders | |
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• President
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Diezani Alison-Madueke |
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• Secretary General
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Abdallah el-Badri |
| Establishment | Baghdad, Iraq |
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• Statute
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10–14 September 1960 |
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• in effect
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January 1961 |
| Area | |
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• Total
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11,854,977 km2 (4,577,232 sq mi) |
| Population | |
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• Estimate
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372,368,429 |
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• Density
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31.16/km2 (80.7/sq mi) |
| Currency | Indexed as USD -per-barrel |
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Website
www.opec.org |
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OPEC, the Organization of the Petroleum Exporting Countries is an international organization. Since 1965, the headquarters of OPEC is in Vienna, Austria. OPEC was established in Baghdad, Iraq on 10–14 September 1960.
Its work is to "coordinate and unify the petroleum policies" of its members. Also to "ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers, and a fair return on capital for those investing in the petroleum industry".
According to the United States Department of Energy Energy Information Administration (EIA), OPEC crude oil production is an important factor affecting global oil prices. OPEC sets production targets for its member nations and generally, when OPEC production targets are reduced, oil prices increase. Projections of changes in Saudi production result in changes in the price of crude oil.
OPEC was formed in 1960 when the international oil market was largely dominated by multinational companies known as the 'seven sisters'. The formation of OPEC was a turning point in state control over natural resources. In the 1960s OPEC made sure that oil companies could not unilaterally cut prices. In December 2014, OPEC and the oil men were named in the top 10 most influential people in the shipping industry by Lloyds.
Contents
Members
13 countries are members of OPEC. The names of these countries are:
- Algeria
- Angola
- Indonesia
- Ecuador
- Iran
- Iraq
- Kuwait
- Libya
- Nigeria
- Qatar
- Saudi Arabia
- The United Arab Emirates
- Venezuela.
Aims
Member countries of the OPEC came together to form this international organization with several aims. Some of the aims are:
- To protect the interest of the member countries.
- To make sure that the price of petroleum products do not change much.
- To make certain a regular supply of petroleum oil to other countries.
- To make sure that member countries get the right amount of money from sale of oil products.
- To decide policies to follow relating to production and sale of petroleum oil.
However, OPEC has not always been able to achieve all these aims.
Related pages
Images for kids
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OPEC headquarters in Vienna (2009 building).
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An undersupplied US gasoline station, closed during the oil embargo in 1973.
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A woman uses wood in a fireplace for heat. A newspaper headline in the foreground shows a story regarding a lack of heating oil in the community.
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Fluctuations of OPEC net oil export revenues since 1972
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One of the hundreds of Kuwaiti oil fires set by retreating Iraqi troops in 1991
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OPEC members' net oil export revenues, 2000–2020
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Countries by net oil exports (2008).
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Gusher well in Saudi Arabia: conventional source of OPEC production
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Shale "fracking" in the US: important new challenge to OPEC market share
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Logo for JODI, in which OPEC is a founding member.
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Sulfur content and API gravity of different types of crude oil.
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See also
In Spanish: Organización de Países Exportadores de Petróleo para niños
