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Organization of Petroleum Exporting Countries (OPEC) and OAPEC
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Organization of Petroleum Exporting Countries (OPEC)
is an Organization of eleven oil producing and exporting countries, from Africa (Algeria, Libya and Nigeria); Asia
(Indonesia); the Middle East (the Islamic Republic of Iran, Iraq, Kuwait, Qatar, Saudi Arabia and the United Arab
Emirates); and Latin America (Venezuela). |
The organization of the petroleum exporting countries is a permanent, intergovernmental Organization, created at
the Baghdad Conference of September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
The five Founding Members were later joined by eight other Members: Qatar (1961); Indonesia (1962); Libya (1962);
United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973-1992) and Gabon (1975-1994).
OPEC transferred its headquarters from Geneva, Switzerland, to Vienna, Austria, on 1 September 1965, and moved into the present Secretariat building in 1977.
Ecuador had its membership suspended at its own request, with effect from 31 December 1992.
Gabon had its membership suspended at its own request, with effect from 1 January 1995.
The Organization of Arab Petroleum Exporting Countries (OAPEC) was established in 1968 with the
following major goals:
To promote cooperation and close ties between the members in economic activities related to the oil industry.
To determine ways of safeguarding their legitimate interests, both individual and collective, in the oil industry.
To unite their efforts so as to ensure the flow of oil to consumer markets on equitable and reasonable terms.
And to create a favorable climate for the investment of capital and expertise in their petroleum industries.
11 member countries: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia, United Arab Emirates. Tunisia´s membership was made inactive in 1986.
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