The recent collapse in oil prices has arguably been the most startling and far-reaching market development since the Global Financial Crisis. It has also and again shifted the world’s eyes towards OPEC – The Organization of the Petroleum Exporting Countries – an organization established in Baghdad, Iraq in September 1960 and headquartered in Vienna.
For those not familiar with OPEC, the organization’s mandate is to “coordinate and unify the petroleum policies” of its members and 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.
In 2014 OPEC comprised twelve members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
For More: OPEC – Facts v/s Fiction
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