20th Anniversary of OPEC
History For the defense of their interests against the oil companies and the great industrial powers within the general framework of the principle proclaimed by the UN of the permanent right of sovereignty of peoples and nations over their wealth and their natural resources which must be exercised in the interest of national development and the good of the State concerned, the oil producing countries, developing countries in their entirety, came together in an organization established in 1960.
The Organization of the Petroleum Exporting Countries (OPEC) was established by a resolution adopted by an international conference held in Baghdad on September 14, 1960 bringing together five states, Saudi Arabia, Iraq, Iran, Kuwait, Venezuela, which Qatar later joined.
Member States
Currently, OPEC has 13 member states which are Algeria, Saudi Arabia, the United Arab Emirates, Ecuador, Gabon, Indonesia, Iraq, Iran, Kuwait, Libya, Nigeria, Qatar and Venezuela.
Statutes of the organization
The organization, whose headquarters is in Vienna (Austria), has adopted very flexible statutes. There is a Board of Governors, an International Conference and a Secretariat.
Organizational Objectives
Coordination and harmonization of the oil policies of member countries: definition of the best means of safeguarding their interests individually and collectively.
Search for ways and means likely to ensure the purchasing power of producing countries and the balance of supply and demand on international markets.
The Organization of the Petroleum Exporting Countries (OPEC) was established by a resolution adopted by an international conference held in Baghdad on September 14, 1960 bringing together five states, Saudi Arabia, Iraq, Iran, Kuwait, Venezuela, which Qatar later joined.
Member States
Currently, OPEC has 13 member states which are Algeria, Saudi Arabia, the United Arab Emirates, Ecuador, Gabon, Indonesia, Iraq, Iran, Kuwait, Libya, Nigeria, Qatar and Venezuela.
Statutes of the organization
The organization, whose headquarters is in Vienna (Austria), has adopted very flexible statutes. There is a Board of Governors, an International Conference and a Secretariat.
Organizational Objectives
Coordination and harmonization of the oil policies of member countries: definition of the best means of safeguarding their interests individually and collectively.
Search for ways and means likely to ensure the purchasing power of producing countries and the balance of supply and demand on international markets.