The following is a concise list of facts and information about OPEC.

  1. The Organization of Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, in September 1960, to unify and coordinate members' petroleum policies.
  2. OPEC members' national oil ministers meet regularly to discuss prices and, since 1982, to set crude oil production quotas.
  3. Original OPEC members include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. Between 1960 and 1975, the organization expanded to include Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), and Nigeria (1971).
  4. Ecuador and Gabon were members of OPEC, but Ecuador withdrew in December 1992, and Gabon followed suit in January 1995.
  5. Although Iraq remains a member of OPEC, Iraqi production has not been a part of any OPEC quota agreements since March 1998.
  6. EIA estimates that the current eleven OPEC members account for about 40% of world oil production, and about 2/3 of the world's proven oil reserves.