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OPEC full form

OPEC:- Organization of Petroleum Exporting Countries

The full form of OPEC stands for Organization of the Petroleum Exporting Countries. The Organization of the Petroleum Exporting Countries is also used as OPEP in several other languages. Organization of the Petroleum Exporting Countries is a type of international cartel company. The  Organization of the Petroleum Exporting Countries is an intergovernmental organization of 15 nations. Organization of the Petroleum Exporting Countries was founded in 1960 in Baghdad by the first five members ( Iran, Iraq, Kuwait, Saudi Arabia, Venezuela). The headquarters of the Organization of the Petroleum Exporting Countries are located in Vienna, Austria since 1965. As of September 2018, the 15 countries accounted for an estimated 44 percent of global production and 81.5 percent of the world’s “proven” oil resources, giving OPEC as a major influence on global oil prices that were previously determined by the so-called “seven sisters” groping of multinational oil companies. Mohammed Barkindo is the secretary-general of Organization of the Petroleum Exporting Countries. The Organization of the Petroleum Exporting Countries was founded in September 1960 and came into force in January 1981.

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