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Organization of Petroleum Exporting Countries

OPEC is an intergovernmental organization of 13 countries. Founded on 14 September 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), it has since 1965 been headquartered in Vienna, although Austria is not an OPEC member state. As of September 2018, the 13 member countries accounted for an estimated 44% of global oil production and 81.5% of the world’s proven oil reserves, giving OPEC a major influence on global oil prices.

A larger group called OPEC+ was formed in late 2016 to have more control on the global crude oil market. The dominent member of this group is Russia.