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OPEC Fast Facts

Here's a look at the Organization of the Petroleum Exporting Countries...

Posted: Apr 16, 2018 5:41 PM
Updated: Apr 16, 2018 5:41 PM

Here's a look at the Organization of the Petroleum Exporting Countries, headquartered in Vienna, Austria.

Facts: The purpose of OPEC for members is to "coordinate and unify the petroleum policies of its Member Countries and ensure the 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."

OPEC members collectively supply about 44.1% of the world's crude oil production.

Together, OPEC members control about 81.5% of the world's total proven crude reserves.

OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply.

A unanimous vote is required on raising or lowering oil production.

Each member country controls the oil production of its country, but OPEC aims to coordinate the production policies of member countries.

Oil and energy ministers from OPEC member countries usually meet twice a year to determine OPEC's output level. They also meet in extraordinary sessions whenever required.

Current Members:
Algeria - 1969-present
Angola - 2007-present
Ecuador - 1973-1992; 2007-present
Equatorial Guinea - 2017-present
Gabon - 1975-1995; 2016-present
Iran - 1960-present
Iraq
- 1960-present
Kuwait - 1960-present
Libya - 1962-present
Nigeria - 1971-present
Qatar - 1961-present
Saudi Arabia - 1960-present
United Arab Emirates - 1967-present
Venezuela
- 1960-present

Former Members: Indonesia - 1962-2009; 2016

Timeline: September 14, 1960 - OPEC is formed in Baghdad, Iraq, by founding members Iraq, Kuwait, Iran, Saudi Arabia and Venezuela.

November 6, 1962 - OPEC is registered with the United Nations Secretariat (UN Resolution No. 6363).

1973-1974 - Due to United States support of Israel in the Arab-Israeli conflict, the members of OPEC decide to raise the cost of oil from $3/barrel to around $12/barrel.

October 1973 - OPEC issues an embargo against the United States, halting oil exports. Customers in the United States experience long lines at gas stations and at times cannot find gas at all. Prices go from 36 cents a gallon in 1972 to over 50 cents a gallon in 1973.

March 18, 1974 - At an OPEC meeting, seven members lift the ban on exports to the United States: Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban, and Iraq boycotts the talks.

December 31, 1974 - Libya lifts its 14-month-old oil embargo against the United States.

November 2007 - Ecuador rejoins OPEC after a 15-year absence.

May 2008 - Indonesia announces that it will leave OPEC in 2009. The country is currently a net importer of oil, due to falling production from aging wells.

January 1, 2009 - Indonesia suspends its membership in OPEC.

January 1, 2016-November 30, 2016 - Indonesia rejoins OPEC, but suspends its membership after 11 months.

July 2016 - Gabon rejoins OPEC.

May 25, 2017 - Equatorial Guinea joins OPEC.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 270157

Reported Deaths: 3297
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Hennepin579261084
Ramsey24528470
Anoka19211213
Dakota18738176
Washington12351104
Stearns1200389
Scott735654
St. Louis712297
Wright646135
Olmsted604730
Sherburne499538
Clay435954
Carver397312
Blue Earth367011
Rice350331
Kandiyohi337613
Crow Wing306729
Nobles293828
Chisago27778
Benton256338
Otter Tail251415
Winona240928
Mower232822
Polk222221
Douglas211929
Morrison207521
Lyon189810
McLeod18089
Beltrami177115
Goodhue173126
Becker16769
Itasca165223
Steele16396
Todd161412
Isanti159115
Carlton148310
Nicollet144523
Freeborn13625
Mille Lacs129030
Le Sueur12899
Waseca128710
Pine11625
Cass11538
Brown112610
Meeker10117
Martin97020
Roseau9443
Hubbard92822
Wabasha8961
Dodge7770
Watonwan7604
Redwood75118
Chippewa7437
Renville68818
Sibley6844
Cottonwood6800
Wadena6706
Pipestone65618
Aitkin64722
Rock6259
Houston6012
Fillmore5910
Yellow Medicine55310
Unassigned52756
Murray5173
Pennington5076
Kanabec49711
Swift4835
Faribault4650
Pope4620
Stevens4342
Clearwater4156
Marshall4047
Jackson3981
Lake3463
Koochiching3275
Wilkin3175
Lac qui Parle3123
Lincoln3081
Norman3006
Big Stone2711
Mahnomen2404
Grant2256
Red Lake1833
Kittson1786
Traverse1190
Lake of the Woods821
Cook570

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 210482

Reported Deaths: 2173
CountyCasesDeaths
Polk31270322
Linn13252158
Scott1022075
Black Hawk10209126
Woodbury9870111
Johnson900835
Dubuque866490
Story637819
Dallas595555
Pottawattamie574666
Sioux349925
Webster330928
Marshall327841
Cerro Gordo323041
Clinton303637
Buena Vista290214
Muscatine266964
Des Moines266116
Plymouth257937
Warren254610
Wapello239971
Jones221112
Jasper202739
Marion191518
Carroll188220
Lee188015
Bremer176012
Henry16847
Crawford168215
Benton157414
Tama145140
Jackson13608
Delaware134721
Boone127711
Washington126513
Dickinson126210
Mahaska119027
Wright11425
Buchanan10789
Page10774
Hardin105810
Clay10434
Harrison101428
Clayton10084
Cedar98913
Hamilton9877
Mills9806
Calhoun9787
Fayette9588
Lyon9458
Floyd92614
Kossuth9214
Poweshiek91512
Butler8943
Winneshiek88910
Winnebago87423
Iowa86711
Louisa79916
Hancock7947
Chickasaw7853
Grundy77310
Sac7617
Cherokee7484
Cass73519
Appanoose7336
Shelby7184
Allamakee71111
Mitchell7074
Emmet70123
Guthrie69215
Union6866
Franklin67619
Humboldt6495
Madison6414
Jefferson6121
Palo Alto6044
Unassigned5810
Keokuk5237
Pocahontas5072
Howard4999
Osceola4941
Greene4860
Clarke4564
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Monroe42812
Montgomery42610
Davis4225
Taylor4162
Adair4066
Monona3912
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Worth3330
Van Buren3294
Lucas3056
Decatur2950
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