OPEC

Organization of Petroleum Exporting Countries

Introduction
Intergovernmental organization, a cartel of 12 countries made up of Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Nigeria, Algeria, Libya, Qatar, the United Arab Emirates, Angola, Ecuador. It coordinates and unifies the petroleum policies of its Member Countries in order to secure fair and stable prices for petroleum producers. It seeks to ensure the stabilization of oil prices in international oil markets.

The main role of OPEC is regular supplying of petroleum to consuming nations. OPEC has maintained its headquarters in Vienna and hosts regular meetings among the oil ministers of its Member Countries. OPEC allows oil-producing countries to guarantee their income by coordinating policies and prices among them. Two-thirds of the oil reserves in the world belong to OPEC members and the members are responsible for half of the world's oil exports. OPEC represents a considerable political and

economical force.

Objective
To co-ordinate and unify petroleum policies among Member Countries To secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations Fair return on capital to those investing in the industry.

History
OPEC created at the Baghdad Conference on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These 5 countries are referred to as the Founder Members of OPEC. OPEC has since expanded to include seven more countries (Algeria, Angola, Indonesia, Libya, Nigeria, Qatar, and United Arab Emirates) making a total membership of 12. OPEC was registered with the United Nations Secretariat on 6 November 1962 (UN Resolution No. 6363).

Member countries
Founder Members Iran 1960 Middle East Iraq 1960 Middle East Kuwait 1960 Middle East Saudi Arabia 1960 Middle East Venezuela 1960 South America

Full Members Algeria 1969 Africa Angola 2007 Africa Ecuador 1973 South America SP Libyan AJ 1962 Africa Nigeria 1971 Africa Qatar 1961 Middle East
United Arab Emirates 1967 Middle East

Reason for existence

Through production quotas of petroleum OPEC control supply, in order to keep the prices high. Resources will continue to Provide income to those nations in the future. OPEC reacts to developments to ensure a balance between supply and demand

Terms for Membership

Any country with a substantial net export of crude petroleum Similar interests to those of Member Countries If accepted by a majority of three fourths of Full Members Including the concurring votes of all Founder Members

The Statute further distinguishes between three categories of Membership

Founder Member Full Member Associate Member countries which do not qualify for full membership, but which are nevertheless admitted under such special conditions as may be prescribed by the Conference

OPEC Conference
Supreme authority of the Organization. It consists of a Ministerial-level Delegation from each Member Country The Conference meets twice a year in March and September and in addition holds Extraordinary Meetings when required

OPEC Function
Member Country Delegations meet at the OPEC Conference to coordinate and unify their national petroleum policies, in order to promote stability and harmony in the international oil market. They are supported by the OPEC Secretariat Directed by the Board of Governors Run by the Secretary General

Influence on world economy

OPEC provide the required amount of oil to all parts of the world to help their economies ISRAEL attack on muslim countries OPEC also called on industrialised and developing countries to come together to solve the problems facing poor countries and to look for ways of establishing a better economic system by allowing increased trade and exchange of knowledge.

Social Responsibility
OPEC is concerned about the environment and wants to ensure that it is clean and healthy for future generations. OPEC Member Countries have ratified the Kyoto Protocol to the United Nations Framework Convention on Climate Change OPEC considers that the development of technology is important for limiting or reducing greenhouse gas emissions

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