OPEC+ Increases Crude Oil Production in Response to Global Demand

## Overview The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization of oil-exporting nations, established to coordinate and unify petroleum policies among member countries, stabilize oil markets, and secure fair and stable prices for both producers and consumers[1][2][7]. OPEC’s decisions have a significant impact on global oil prices, energy security, and the broader world economy, making it a key player in international business and geopolitics. ## History and Founding OPEC was founded on September 14, 1960, in Baghdad, Iraq, by five countries: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela[1][2][5]. The creation of OPEC was a direct response to the dominance of multinational oil companies and the volatility of oil prices in the 1950s, as member states sought to assert greater control over their natural resources and negotiate better terms for their oil exports[5][6]. The organization was officially registered with the United Nations Secretariat in 1962[1]. ## Membership and Governance OPEC’s membership has fluctuated over time but currently stands at 13 countries: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates, and Venezuela[1][3][4]. The organization’s headquarters is in Vienna, Austria, after relocating from Geneva, Switzerland, in 1965[1][6]. OPEC’s supreme authority is the OPEC Conference, where oil ministers from member states meet to set production targets and coordinate policies[6]. Saudi Arabia, as the largest producer, often plays a leading role in shaping OPEC’s strategies[3][6]. ## Key Achievements and Functions OPEC’s primary function is to manage oil supply to influence prices, aiming to prevent harmful price fluctuations and ensure a steady income for producers while securing reliable supplies for consumers[

The **International Energy Agency (IEA)** is a pivotal organization established in 1974 under the framework of the Organisation for Economic Co-operation and Development (OECD). Its creation was a response to the 1973 oil crisis, with the aim of ensuring reliable energy supplies, promoting energy efficiency, and enhancing energy security among its member countries[1][3]. Today, the IEA is autonomous, operating with its own budget and governance structure, and has expanded from 16 founding members to 31 countries, including Lithuania, which joined in 2022[1]. ### History and Key Achievements - **Early Years**: The IEA implemented its first emergency measures in 1975 in response to the second oil crisis. Throughout the late 1970s, it developed and refined systems to manage oil supply disruptions, enhancing unity and collective responsibility among member countries[2]. - **Expansion and Diversification**: In the 1980s, the IEA's mandate expanded beyond oil security to include energy efficiency, renewable energy, and environmental concerns. It also expanded its membership into Eastern Bloc countries in the 1990s[2]. - **Modernization**: By the 2010s, the IEA had shifted its focus towards clean energy transitions. In 2021, it published *Net Zero by 2050: A Roadmap for the Global Energy Sector*, setting a benchmark for national and international climate goals aligned with the Paris Agreement[2]. ### Current Status and Notable Aspects - **Technology Collaboration Programs (TCPs)**: The IEA supports over 6,000 experts across 55 countries in researching and developing energy technologies through its TCPs, such as photovoltaic power systems and hybrid and electric vehicles[1]. - **Emergency Response**: The IEA has activated emergency oil stocks five times, most recently in response to the Russian invasion of Ukraine in 2022. This demonstrates its crucial role in stabilizing global energy markets[1].