Organization of the Petroleum Exporting Countries

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of oil‑exporting nations that coordinates and unifies members’ petroleum policies. Founded in 1960 and headquartered in Vienna, Austria, OPEC seeks to support market stability by balancing supply and demand, aiming for fair and stable prices, a steady income for producers, and a reliable supply to consumers. Its Ministerial Conferences and technical bodies monitor market conditions and, when appropriate, set collective production guidance that influences global crude balances.

OPEC also engages with non‑member producers through the OPEC+ cooperation framework and publishes widely referenced analyses, including the Monthly Oil Market Report and the World Oil Outlook. Because crude oil prices, refining runs, and natural gas liquids output affect the cost and availability of petrochemical feedstocks, OPEC’s decisions and market assessments are closely watched across the chemical and energy value chains.