Organization of petroleum exporting countries definition

Organization of petroleum exporting countries(OPEC), is a permanent intergovernmental organization of oil-exporting developing nations that focuses on the coordination and unification of the petroleum policies of its Member Countries.

Explanation:

The Organization of the Petroleum Exporting Countries (OPEC) was founded in September 1960 in Baghdad, Iraq, with the signing of an agreement by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil in an effort to set the price of oil on the world market, and also, to avoid fluctuations that might affect the economies of both producing and purchasing countries. The chief executive officer of OPEC is its secretary general. His Excellency Mohammad Sanusi Barkindo of Nigeria was appointed to the position for a three-year term of office on August 1, 2016, and re-elected for another three-year on July 2, 2019.

The Organization of the Petroleum Exporting Countries (OPEC) is a cartel consisting of 14 of the world’s major oil-exporting nations. Countries that belong to OPEC include Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela (the five founders), plus the United Arab Republic, Libya, Algeria, Nigeria, and five other countries.