OPEC

The OPEC flag presents the organization's distinctive emblem on a blue field. Its stylized white lettering forms the acronym OPEC, creating a clear visual identity for the Organization of the Petroleum Exporting Countries. The simple design represents the organization's collective identity and its role as a forum for cooperation among participating petroleum-exporting states. The emblem is associated with coordination, dialogue and shared interests in international oil markets. The flag should be understood as the symbol of an intergovernmental organization rather than the national flag of any individual member.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad in September 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The founding countries sought closer consultation on petroleum policies and greater influence over decisions affecting their natural resources. OPEC's headquarters moved from Geneva to Vienna in 1965. During the 1970s, changes in oil production, pricing and global demand made OPEC a prominent institution in international energy affairs. Over subsequent decades, its membership and influence evolved as producers joined, left or rejoined the organization. In 2016, OPEC and several non-OPEC producing countries established a framework for cooperation known as the Declaration of Cooperation, often discussed in connection with OPEC+. OPEC continues to provide a forum for consultations about petroleum supply, market conditions and long-term industry developments.

• OPEC was established in Baghdad in September 1960.
• Its five founding members were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
• Its headquarters have been in Vienna, Austria, since 1965.
• OPEC is an intergovernmental organization, not an oil company.
• The organization publishes research and statistical information about oil markets.
• Its regular meetings provide a forum for member-country petroleum ministers.
• OPEC membership has changed over time as countries have joined or departed.
• The 2016 Declaration of Cooperation broadened dialogue with participating non-OPEC producers.
• OPEC's work is closely watched by energy analysts, governments and market participants.

Key Facts
• Full name: Organization of the Petroleum Exporting Countries
• Established: September 1960
• Founding location: Baghdad, Iraq
• Headquarters: Vienna, Austria
• Primary focus: Petroleum policy coordination and oil-market analysis

OPEC is an intergovernmental organization through which participating petroleum-exporting countries consult and coordinate on oil-related policies. Its stated objectives include coordinating and unifying petroleum policies among member countries, contributing to the stability of oil markets and seeking a steady supply of petroleum to consumers, regular income for producers and fair returns for investors. OPEC's institutional activities include ministerial meetings, economic research, market reporting and dialogue with other energy-producing and consuming countries. Its publications provide data and analysis on production, demand, trade and longer-term energy trends. Although OPEC decisions can influence global discussions about supply, individual governments retain responsibility for their national energy policies. The organization's membership and the wider petroleum market change over time, making it an important subject for economic and geopolitical reporting.