Weekly Report: What is OPEC?

Weekly Update:

---

What is OPEC?

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

The consist of OPEC

OPEC Proved Oil Reserve and Production

• OPEC takes up more than 60% of world oil reserve.
• Over 40% of oil production of the world is from OPEC.

OPEC Oil Production and Consumption

Production Between OPEC Member

• The top four OPEC producers are Saudi Arabia, Iraq, Iran and Kuwait, which account for 70 percent of OPEC’s output.

Imported Crude Oil of China from OPEC

 

• OPEC supplies 55% of China’s crude oil imports.

 

Source: 
1.eia
2.http://www.opec.org
3.General Administration of Customs/ people's Republic of China
4.Bp Statistical Report