Introduction — Founded in 1960, the Organization of the Petroleum Exporting Countries coordinates its members' oil policies and seeks to contribute to market stability. Governments, companies and traders follow its production decisions because they can change supply expectations. However, OPEC does not determine oil prices on its own. Since May 1, 2026, it has had eleven members following the withdrawal of the United Arab Emirates.
Key facts
- Full name: Organization of the Petroleum Exporting Countries.
- Established: September 14, 1960, in Baghdad, by five founding countries.
- Members in October 2026: 11 states, including six in Africa.
- Distinction: OPEC brings together its members; OPEC+ also includes several non-member producers.
What is OPEC?
OPEC is an intergovernmental organisation established by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its headquarters are in Vienna. It was founded at a time when producing countries wanted greater influence over decisions affecting their resources and oil revenues.
Its mission is to coordinate its members' oil policies and seek greater market stability. The organisation also highlights the aims of ensuring regular income for producers, reliable supply for consumers and favourable conditions for investment in the industry. These objectives may conflict: supporting prices can reduce sales volumes, while increasing production can weigh on prices if demand does not keep pace.
Who are the members?
In October 2026, OPEC comprises eleven countries: Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia and Venezuela. Six members are African, giving the continent an important place in the organisation's discussions.
Membership has changed over time. Qatar left the organisation in 2019, Ecuador in 2020 and Angola at the beginning of 2024. The United Arab Emirates, a member since 1967, announced its withdrawal in April 2026, effective May 1. These departures are reminders that membership does not mean abandoning national sovereignty over energy choices. Each government balances production strategy, fiscal needs, available capacity and economic priorities.
How does OPEC influence the market?
Decisions are taken by representatives of member countries, particularly at ministerial meetings. The organisation monitors demand, supply, inventories and the economic outlook. Members may agree on production levels or collective adjustments that serve as a reference for their national policies.
However, an announcement's effect depends on implementation. Production capacity differs considerably between countries, as do technical constraints, conflicts, sanctions and public financing needs. Markets therefore monitor announced targets as well as volumes actually produced and exported. Traders' and investors' expectations may respond before additional or withdrawn barrels reach refineries.
OPEC does not control every component of oil prices. Global demand, non-member countries' production, commercial inventories, transport costs, exchange rates, refinery decisions and geopolitical risks also influence prices. A disruption in a strategic strait or an infrastructure failure can therefore counteract the expected effect of a production decision.
OPEC and OPEC+: what is the difference?
OPEC+ refers to the expanded cooperation framework launched in 2016 between OPEC members and producers outside the organisation, including Russia, Kazakhstan, Oman and Azerbaijan. It is not a new organisation with the same structure as OPEC, but a mechanism for consultation and production adjustment.
This distinction is essential. A country can participate in OPEC+ agreements without being an OPEC member. Russia, for example, is not a member of the Vienna-based organisation, although it plays an important role in the expanded discussions. Statements may concern both groups, but their participants and commitments are not identical.
Why do its decisions matter for Africa?
For African members, OPEC provides a forum where producers can compare analyses and defend common interests. Oil funds a significant share of export earnings and public budgets in several economies. Production choices therefore influence spending plans, the external balance and the attractiveness of exploration or development projects.
However, the effects are not uniform. An exporting country may benefit from higher prices but lose revenue if sales volumes fall too sharply. Conversely, economies importing petroleum products may face a larger energy bill. Contract structures, local refining capacity, subsidies and economic diversification determine how a price shock reaches households and businesses.
OPEC's influence therefore depends as much on cohesion among its members as on the role of outside producers. Growth in new capacity, changing demand and energy transition strategies make it less possible to interpret the market solely through the group's decisions. For African countries, the lasting challenge remains turning hydrocarbon revenues into infrastructure, skills and productive activities capable of withstanding oil price cycles.
Frequently asked questions
Does OPEC directly set oil prices?
No. It can influence supply expectations through coordination of production policies, but prices also depend on demand, non-member producers, inventories, risks and financial conditions.
Is Russia an OPEC member?
No. Russia participates in the expanded OPEC+ framework, which brings together OPEC member countries and non-member partner producers.
How many African countries belong to OPEC?
Six in October 2026: Algeria, Congo, Equatorial Guinea, Gabon, Libya and Nigeria.