On this page, We are going to learn about the full form of OPEC and the meaning of OPEC, As well as the meaning, definition, and acronym for OPEC in different categories. So you should read this post till the end.
The Full Form of OPEC: Organization of the Petroleum Exporting Countries
OPEC Stands for the Organization of the Petroleum Exporting Countries. The Organization of the Petroleum Exporting Countries (OPEC), is an international cartel of petroleum exporters that meets regularly to discuss the price of oil and other matters.
The organization’s original purpose was to stabilize the international oil markets. The cartel was established in 1960 by the agreement of nine countries, and the first OPEC meeting was held in September 1960 in Geneva, Switzerland.
OPEC Members, Establishment, Headquarters, and Purpose
- OPEC’s headquarters were in Switzerland at the time of its formation. In the year 1965, its headquarter was established in Vienna, Austria.
- OPEC was established in September 1960 by Baghdad, Iraq, and its seven states, the major oil-exporting countries: Algeria, Ecuador, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela.
- It is estimated that this country produces 75 percent of the world’s oil.
- 15 countries in the world are members of OPEC, its members are Venezuela, United Arab Emirates, Saudi Arabia, Nigeria, Libya, Kuwait, Iran, Iraq, Gabon, Guinea, Ecuador, Qatar, Congo, Angola, and Algeria.
- If crude oil is increased by $10 per barrel, WPI-based inflation increases by 1.7 percent, GDP by 0.2-0.3 percent, and the current account deficit increase by $9-10 billion.