OPEC Members and Their Petroleum Prices per Litre in Naira: A Comprehensive Overview.
The Organisation of the Petroleum Exporting Countries, commonly known as OPEC, is a prominent alliance of leading oil-producing nations. Founded in Baghdad, Iraq, in September 1960, its primary mission is to foster cooperation among its member countries to collectively influence the global oil market and optimize profits. Over the years, OPEC has evolved, welcoming new members into its fold and impacting the oil industry worldwide.
The Evolution of OPEC Membership
The organization’s origins can be traced back to its founding members: Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela, who signed the initial agreement. Subsequently, several other countries have joined this influential group to become key players in the global oil landscape. The timeline of these additions to OPEC’s membership illustrates the organization’s growth and influence:
- Qatar (1961)
- Indonesia (1962)
- Libya (1962)
- United Arab Emirates (1967)
- Algeria (1969)
- Nigeria (1971)
- Ecuador (1973)
- Gabon (1975)
- Angola (2007)
- Equatorial Guinea (2017)
- Congo (2018)
Temporary Suspensions and Withdrawals
While OPEC has expanded its membership significantly over the years, some countries have taken the path of temporary suspension or withdrawal from the organization. Ecuador suspended its membership in December 1992, rejoined OPEC in October 2007, but ultimately decided to withdraw its membership, effective from January 1, 2020. Similarly, Indonesia suspended its membership in January 2009, later reactivated it in January 2016, only to suspend it once more during the 171st Meeting of the OPEC Conference on November 30, 2016.
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Currently, OPEC comprises 13 member countries, collectively accounting for approximately 30 percent of global oil production. This diverse group of nations plays a crucial role in shaping oil market dynamics and influencing prices worldwide.
Understanding OPEC’s Impact
As oil remains a vital global commodity, the pricing of petroleum products is of significant interest to consumers and industries alike. Below is a list of OPEC member countries and their respective Petroleum Motor Spirit (PMS) prices per litre, shedding light on the varying costs associated with fuel in these nations:
Petroleum Prices in OPEC Member Nations
- Venezuela: ₦3.22
- Iran: ₦22
- Libya: ₦24
- Algeria: ₦260
- Kuwait: ₦263
- Angola: ₦281
- Iraq: ₦443
- Qatar: ₦446
- Saudi Arabia: ₦480
- Ecuador: ₦490
- Nigeria: ₦617
- United Arab Emirates (UAE): ₦635
- Gabon: ₦770
These prices provide valuable insights into the disparities in petroleum costs across OPEC member nations, reflecting the diverse economic and geopolitical factors that impact fuel pricing strategies.
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OPEC’s role in the global energy landscape remains pivotal, and its member countries continue to navigate the complexities of supply and demand, environmental concerns, and geopolitical dynamics, all while striving to maintain stability in the global oil market
