The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organisation of oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. OPEC seeks to ensure the stabilisation of oil prices in international oil markets, with a view to eliminating harmful and unnecessary fluctuations, due regard being given at all times to the interests of oil-producing nations and to the necessity of securing a steady income for them. Equally important is OPEC’s role in overseeing an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on capital to those investing in the petroleum industry.
OPEC was formed on September 14, 1960, at a meeting in Baghdad, the Iraqi capital, attended by five countries that became the founding members. It was registered with the United Nations Secretariat on November 6, 1962, following UN Resolution No. 6363. Also in attendance at the Baghdad meeting were - Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They signed the original agreement establishing OPEC. Currently, the organisation has twelve members, namely: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Organization of the Petroleum Exporting Countries (OPEC)
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