The formation of OPEC is detailed, noting that Venezuela, Iraq, and Kuwait co-founded the organization, with Juan Pablo Pérez driving the idea. Venezuela is currently examining plans to leave OPEC.

The entities involved

• Organization of the Petroleum Exporting Countries →

  international organization of petroleum-exporting countries

  • Diezani Alison-Madueke served as Nigeria's Petroleum Minister.Mon 10:09
  • Global oil market dynamics are being shaped by divergent views on demand forecasts, US policy shifts under the Trump administration, slower EV uptake in Europe, and major export cuts from Gulf producers due to the Iran war.Thu 11:32
• Iraq →

  sovereign state in Western Asia

  • Basra hosts the Grand Faw Port project, serving as a key transit hub for trade routes connecting China and Europe.Mon 17:06
  • Oil flows through the Strait of Hormuz as geopolitical risks in the Middle East affect oil prices, with Iraq ready to resume production.Mon 16:22
• Kuwait →

  sovereign state in Western Asia

  • The geopolitical risk premium driven by US strikes and Iranian military responses is impacting Bitcoin, with Kuwait being a relevant location in the escalation.Mon 14:33
  • Kharg Island, near U.S. bases in Kuwait, is hosting an oil export terminal and is involved in a potential conflict over Iranian oil.Mon 14:31

Related events

• Venezuela faces geopolitical friction amid Iraq's rising friction, while its trajectory mirrors UAE's exit.Sep 3
• Geopolitical tensions, U.S. sanctions, and structural changes within OPEC are impacting oil supply and market dynamics in the Middle East.Jun 10
• Kazakhstan, Algeria, Saudi Arabia, Iraq, and Kuwait are all major oil producers and members of the OPEC+ group.Sep 7
• Energy markets are reacting to new development opportunities in Libya, Venezuela, and Iraq, while Guyana remains a critical growth catalyst amid low Brent oil prices.Jul 8
• OPEC considers OECD demand expectations in its forecasts.Sep 10