50th Anniversary of OPEC
The Organization of the Petroleum Exporting Countries (OPEC) was created on September 14, 1960 in Baghdad (Iraq). Its headquarters previously located in Geneva (Switzerland) have been located in Vienna (Austria) since September 1, 1965. The Organization of the Petroleum Exporting Countries is a permanent intergovernmental institution. The OPEC Conference, in which ministers of member countries responsible for oil issues participate, is the supreme authority of the organization.
The Board of Governors composed of governors appointed by member countries conducts the affairs of the organization and implements the decisions of the Conference. The secretary general of the organization appointed by the Conference of Ministers organizes and administers the work of the organization.
The major objectives of the organization are to coordinate and unify the oil policies of member countries; stabilize oil prices on international markets and defend purchasing power; ensure more income for producing member states and a regular supply of oil for the benefit of consuming nations.
Algeria joined OPEC in 1969. In March 1975, Algiers hosted the first summit of OPEC Heads of State where, in particular, the principle of sovereignty of producing countries over their natural resources was reaffirmed. This summit also allowed, a year later, the creation of the OPEC Fund for International Development. This fund grants loans on preferential conditions, and also grants for the least developed countries.
In the past, Algeria has had to host the meeting of the OPEC Conference of Ministers on several occasions. The last time, it was in December 2008, that the Conference held its ordinary meeting under the presidency of Algeria. With a relatively average production of crude oil, Algeria has had to play an important and sometimes decisive role in the decisions and orientations of OPEC.
The Board of Governors composed of governors appointed by member countries conducts the affairs of the organization and implements the decisions of the Conference. The secretary general of the organization appointed by the Conference of Ministers organizes and administers the work of the organization.
The major objectives of the organization are to coordinate and unify the oil policies of member countries; stabilize oil prices on international markets and defend purchasing power; ensure more income for producing member states and a regular supply of oil for the benefit of consuming nations.
Algeria joined OPEC in 1969. In March 1975, Algiers hosted the first summit of OPEC Heads of State where, in particular, the principle of sovereignty of producing countries over their natural resources was reaffirmed. This summit also allowed, a year later, the creation of the OPEC Fund for International Development. This fund grants loans on preferential conditions, and also grants for the least developed countries.
In the past, Algeria has had to host the meeting of the OPEC Conference of Ministers on several occasions. The last time, it was in December 2008, that the Conference held its ordinary meeting under the presidency of Algeria. With a relatively average production of crude oil, Algeria has had to play an important and sometimes decisive role in the decisions and orientations of OPEC.