OPEC

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The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five founding members were later joined by nine other members: Qatar (1961); Indonesia (1962); Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973–1992); Gabon (1975–1994) and Angola (2007). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Austria, on September 1, 1965.

OPEC's stated objective is to co-ordinate and unify petroleum output among member countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. [1]

OPEC is frequently accused of maintaining artificially inflated oil prices by restricting oil production, but its ability to control the market price has declined with increased competition from the United States (especially new oil production in North Dakota), Mexico, Norway and Russia.[2]

Reference

  1. http://www.opec.org/aboutus/history/history.htm
  2. http://www.bloomberg.com/news/2014-11-23/opec-easy-decision-days-seen-over-by-former-qatari-oil-minister.html
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