The Organization of the Petroleum Exporting Countries (OPEC) was established in 1960 and included original member nations Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC’s primary objectives are to “ensure stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry” according to their website. OPEC+, which expanded OPEC’s membership to include 13 non-core nations, includes Russia which alone can produce over 10 million barrels per day making it the largest non-core nation in terms of reserves and capacity.
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By Charles Marleau CIM® and William Mitchell CIM®