Organization of the Petroleum Exporting Countries 

(OPEC)

OPEC was founded in September 1960, and is an 

intergovernmental organization of 13 member states as of 

January 2023. The mission of OPEC is to coordinate and unify 

the petroleum policies of its Member Countries and ensure the 

stabilization of oil markets in order to secure an ecient, economic 

and regular supply of petroleum to consumers, as well as ensure a 

steady income to producers.

According to the BP Statistical Review of World Energy 2022, OPEC 

production in 2021 was 1,494 million metric tons, 35.4% of the 

global total, and its proven oil reserves are estimated at 171,800 

million metric tons, 70.1% of the global total.

International Energy Agency (IEA)

The IEA is a Paris-based autonomous intergovernmental 

organization established within the framework of the Organisation 

for Economic Co-operation and Development (OECD) in the wake 

of the 1973 oil crisis. It is composed of 31 member countries and

4 association countries. These member countries maintain a large 

stock of crude oil, mostly stored in the U.S., Europe, Japan, and 

South Korea, for emergencies.

Crude Oil 

Geopolitics

In recent years, IEA member countries are holding as much as 1.3 

billion barrels for emergency purposes and another 2.5 billion 

barrels for commercial purposes. This is equivalent to 114 days of 

their import needs. Since the IEA can release 12 million barrels of 

crude oil per day, the organization helps stabilize the market and 

mitigate price increases. IEA member countries account for 73.1% 

of the global total consumption.

While a majority of surplus oil production capacity is controlled 

by OPEC, IEA member countries control signicant amount of 

Strategic Petroleum Reserves (SPR). Either of them is capable 

of changing short-term market supply levels, which results in 

volatility in oil price.

International Energy Forum (IEF)

The International Energy Forum (IEF) is one of the important 

energy inter-governmental international organization in the 

world, and was founded in 2002, headquartered in Riyadh, Saudi 

Arabia. Currently, there are over 70 member countries in the IEF 

Charter, covering all six continents and accounting for around 90% 

of global supply and demand for oil and gas. The Forum's biennial 

ministerial meetings are the world's largest gathering of energy 

ministers. The IEF aims to foster greater mutual understanding 

and awareness of common energy interests among its members, 

promote dialogue between energy consuming countries and 

producing countries, and ensure the stability of global energy 

market.

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