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Primarily in 1960, the top five nations of the world's leading in oil production formed the Organization of Petroleum Exporting Countries, or OPEC, in response to Western dominance of the global oil sector."OPEC is primarily a political organisation that generates a lot of headlines, but the real decisions about oil policy are made in Riyadh, Saudi Arabia's capital, rather than in Vienna, where OPEC's headquarters are.""It's really just Saudi Arabia - possibly some of the additional members like Kuwait and the United Arab Emirates - with that market power (to set oil prices)," adds Colgan.The goal of the international organization, which now includes 13 members from the Middle East, Africa, and South America, is to collaborate on partner strategies to affect oil pricing and production.

Primarily in 1960, the top five nations of the world's leading in oil production formed the Organization of Petroleum Exporting Countries, or OPEC, in response to Western dominance of the global oil sector. The goal of the international organization, which now includes 13 members from the Middle East, Africa, and South America, is to collaborate on partner strategies to affect oil pricing and production. Anglo-American transnational corporations together referred to as the "Seven Sisters" at the time controlled the majority of the world's oil markets. BP, Exxon Mobil, Shell, and Chevron are modern-day descendants of the Seven Sisters. During the conference held in Baghdad in 1960, Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela established OPEC in an effort to gain more control over their own natural resources.
Eleven additional oil-exporting nations have become part of the five original founder nations of OPEC since 1960, however, others, including Ecuador, Indonesia, and Qatar, have subsequently discontinued as well as abandoned their participation. Another nation, Gabon, ceased to be a participant in 1995 and rejoined in 2016. From its headquarters in Vienna, the Secretary General manages the corporation's activities and puts into effect the policies decided upon by the Conference and Board of Governors. It is run by a secretary general who is chosen by the Conference for a three-year term; at the moment, that person is Haitham al-Ghais of Kuwait. The Conference, the Board of Governors, and the Secretariat are the organization's three main divisions, with its headquarters in Vienna, Austria.
OPEC's highest decision-making body is the Conference. It is comprised of delegates representing the member states, each with one voting power, and decides on the organization's policy, membership, and leadership. The Board of Governors is in charge of developing OPEC's strategy. Governors are nominated by their nations and approved by the members of the Conference and elected for a period of two years. nations that make up OPEC generate around 40% of the global supply of crude oil and collaborate on determining how much oil is generated for the international market. Prices are expected to rise if they decide to reduce output, like OPEC+ did before of critical US elections in 2022.
Particularly, Saudi Arabia's oil output overpowers most of its peers. In 2022, the nation generated 10.4 million barrels per day, which represents approximately one-third of the overall daily supply in OPEC. According to Colgan, this provides the nation with disproportionate authority regarding the choices made by the organization. "It's really just Saudi Arabia - possibly some of the additional members like Kuwait and the United Arab Emirates - with that market power (to set oil prices)," adds Colgan. "OPEC is primarily a political organisation that generates a lot of headlines, but the real decisions about oil policy are made in Riyadh, Saudi Arabia's capital, rather than in Vienna, where OPEC's headquarters are." Colgan's study additionally demonstrated the impact of OPEC's absence of compliance procedures, which he claims has resulted in member nations "cheating," or producing more oil than OPEC stipulated in order to raise government income.