OPEC

It is organization of the Petroleum Exporting Countries. It is a permanent, inter-

governmental organization, created by Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela. at
the Baghdad Conference in 1960.
AIM- to manage the supply of oil to set the price of oil in the global market, so that to avoid
fluctuations that might affect the economies of both purchasing and producing and countries.
Headquarters in Vienna, Austria.
OPEC has a total of 14 Member Countries - Iran, Iraq, Kuwait, United Arab Emirates(UAE),
Saudi Arabia, Algeria, Libya, Nigeria, Gabon, Equatorial Guinea, Republic of Congo, Angola,
Ecuador and Venezuela.
Gabon ended its membership in January 1995. But it rejoined the Organization in July 2016.
The membership is open to any country who is an exporter of oil and who shares
the standards of OPEC.

OBJECTIVES OF OPEC-

1. To co-ordinate petroleum policies among Member Countries, to secure fair and stable prices
for PRODUCERS OF PETROL
2. To ensure an efficient, and regular supply of petroleum to consuming nations and a fair
return on capital to those investing.

FUNCTIONS

1. The OPEC Member Countries coordinate their oil production policies to help stabilise
the oil market and to help oil producers achieve a rate of return on their investments.

ThE policy is designed to ensure that oil consumers continue to receive stable supplies of oil.

3. The Ministers of energy meet twice a year to review the status of the international oil market.
4. The Member Countries also hold other meetings at various levels of interest, LIKE meetings
of petroleum and economic experts, country representatives ETC.