OPEC Full Form | What Does OPEC Stand For?

OPEC: Organization of the Petroleum Exporting Countries

OPEC Full Form

OPEC full form stands for Organization of the Petroleum Exporting Countries. The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 countries.

A large group called OPEC + was formed to gain more control over the global crude oil market. OPEC oil demand fell 30 years in the second quarter of 2020

Brief History

  • It was founded in Baghdad on September 14, 1960, by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), but has had its headquarters in Austria since 1965, although Austria is not a member of OPEC.
  • The formation of OPEC is a turning point towards national sovereignty over natural resources, and OPEC decisions continue to play an important role in the global oil market and international relations.
  • In the 1970s, oil production restrictions led to a dramatic increase in oil prices and OPEC revenues and wealth, with lasting and far-reaching consequences for the global economy.
  • In the 1980s, OPEC began setting production targets for its member countries. In general, when targets are lowered, oil prices rise.
  • This is more recent than the organization’s 2008 and 2016 decisions that most want to trim.

What Is The Full Form Of OPEC?

OPEC full form stands for Organization of the Petroleum Exporting Countries. It is an intergovernmental organization of 13 countries. It was founded in Baghdad on September 14, 1960, by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), but has had its headquarters in Austria since 1965, although Austria is not a member of OPEC.

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