Trick to Remember OPEC Countries
Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations, founded in 1960 by the first five members, and headquartered in 1965 in Vienna, Austria.
The 13 countries account for 40 percent of global oil production and 73 percent of the world’s “proven” oil reserves, making OPEC a major influence on global oil prices.
The Organization of the Petroleum Exporting Countries is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
As of 2016, OPEC’s members are Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia (the de facto leader), the United Arab Emirates, and Venezuela. Two-thirds of OPEC’s oil production and reserves are in its six Middle Eastern countries that surround the oil-rich Persian Gulf.
In October 2015, Sudan formally applied to join OPEC. Approval of a new member country requires agreement by three-fourths of the existing members, including all five of the founders.
Trick to Remember OPEC Countries
after QUAKE ANIL IS Very afraid.
QUAKE
Q – Quatar
U – UAE
A – Algeria
K – Kuwait
E – Ecuador
ANIL
A – Angola
N – Nigeria
I – Iran
L – Libya
IS
I – Iraq
S – Saudi Arabia
Very
V – Venzuela
Some Inline Facts:
- Saudi Arabia is the largest producer and exporter of oil within OPEC. It possesses significant oil reserves and plays a crucial role in influencing oil prices and market dynamics.
- OPEC member countries come from various regions, including Africa, the Middle East, and South America. Each country brings its unique geopolitical, economic, and cultural factors that shape OPEC’s decision-making processes.
- OPEC has collaborated with non-OPEC oil-producing countries to manage oil market dynamics. Notable agreements include the OPEC+ alliance, formed in 2016, which includes countries like Russia, Kazakhstan, Mexico, and others.
- Oil exports are a significant source of revenue.
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