OPEC Headquarters, Vienna, Austria.

Topics

• Strategies to maximize oil revenues for OPEC Members and Associated States
• Supporting green industrialization efforts through improved oil access
• Preparing OPEC Members and Associated States for decreased oil demand

Background

The Organization of the Petroleum Exporting Countries (OPEC) was created in 1960. Since 1965 it is based in Vienna, Austria, although Austria is not a member. Its membership currently consists of 13 Member States and 10 Associated Members (OPEC+). Four other countries routinely attend OPEC meetings as Observers: Egypt, Mexico, Oman, Russia. At ODUMUNC, all 27 states have equal voting rights.

OPEC is a cartel, created to control petroleum production by its members and ensure strong prices. OPEC members meet to coordinate overall production and their individual production quotas (market shares). It is the most important exception to the global doctrine of free and equal trade.

OPEC often has difficulty agreeing on policy and oil production. Its member states differ greatly in the flexibility, capacity and dependence on oil exports for national income, as well as their distinct national needs for oil revenue.