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OPEC stands for The Organization of the Petroleum Exporting Countries. It was created at the Bagdad Conference on September 10-14, 1960, by Iran, Irag, Kuwait, Saudi Arabia and Venezuela.
The five Founding Members were later joined by eight other members: Qatar in 1961; Indonesia in 1962; Socialist Peoples Libyan Arab Jamahiriya in 1962; United Arab Emirates in 1967; Algeria in 1969; Nigeria in 1971; Ecuador in 1973-1992 and finally Gabon in 1975-1994. OPEC had headquarters in Geneva and Switzerland for the first 5 years of its existence. The headquaters were then moved to Vienna and Austria, on September 1, 1965.
Opec’s objectives were to co-ordinate and unify petroleum policies with the membering countries. To keep fair and stable prices for the petroleum producers. And also an efficient, and economic and regular supply of petroleum to the consuming nations; and a fair return on capital to those investing in the industry.
FACT: OPEC Confrence of Ministers meets in ordinary sessions twice a year.
