Organization of The Petroleum Exporting Countries (OPEC)
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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.
OPEC 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.
Table of Contents
Key Functions of OPEC:
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Coordination of oil production policies
-
Price and market stabilisation
-
Maintaining stability in oil production
The Organization Of The Petroleum Exporting Countries (OPEC) was founded in the year 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
OPEC 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.
Key Functions of OPEC:
-
Coordination of oil production policies
-
Price and market stabilisation
-
Maintaining stability in oil production
Apart from this, OPEC members hold quarterly meetings to discuss global demand outlook and supply strategies.
OPEC Member Countries
Presently it has eleven member countries, which are as follows:
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Algeria
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Angola
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Ecuador
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Iran
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Iraq
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Kuwait
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Libya
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Nigeria
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Qatar
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Saudi Arabia
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United Arab Emirates
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Venezuela
The first countries to join the OPEC were Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007).
From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership effective January 2009.
