Organization of The Petroleum Exporting Countries (OPEC)

By: EconomyWatch   Date: 30 June 2010

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The Organization Of The Petroleum Exporting Countries (OPEC) was founded in the year 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.


This is an intergovernmental organization. The sole aim of the organization is to maintain stability in the oil prices through efficient, economic and regular supply of petroleum.

Important Functions Of OPEC
  • It Coordinates the oil production policies
  • Helps oil producers to achieve a reasonable rate
  • Try to stabilize the market
  • Maintaining stability in oil production

Apart from this, the member countries also meet from time to time to discuss upon expected demand for petroleum in countries.
OPEC Member Countries

Initially OPEC was created by four member countries. Presently it has eleven member countries, which are as follows:

  • Algeria
  • Indonesia
  • Iran
  • Iraq
  • Kuwait
  • Libya
  • Nigeria
  • Qatar
  • Saudi Arabia
  • UAE
  • Venezuela




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