Institution
Organization of the Petroleum Exporting Countries
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation of oil-producing states founded at Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It coordinates its members' petroleum policies, chiefly through production quotas. The price rises of 1973–1974 shifted power in the world oil market from Western companies to producing governments. Its headquarters are in Vienna.
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- APA
- The Epoch Institute. (2026). Organization of the Petroleum Exporting Countries. In The Epoch Institute Encyclopedia. https://the-epoch-institute.org/encyclopedia/opec
- MLA
- “Organization of the Petroleum Exporting Countries.” The Epoch Institute Encyclopedia, The Epoch Institute, 2026, https://the-epoch-institute.org/encyclopedia/opec. Accessed .
- Chicago
- The Epoch Institute. “Organization of the Petroleum Exporting Countries.” The Epoch Institute Encyclopedia. 2026. https://the-epoch-institute.org/encyclopedia/opec.
- Harvard
- The Epoch Institute (2026) ‘Organization of the Petroleum Exporting Countries’, The Epoch Institute Encyclopedia. Available at: https://the-epoch-institute.org/encyclopedia/opec (Accessed: ).
Last reviewed October 2026Random entry ↻