The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 1014, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five conception Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) suspend its membership from January 2009; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) suspended its membership from December 1992-October 2007; Angola (2007) and Gabon (19751994). OPEC had its furnish in Geneva, Switzerland, in the first five years of its existence. This was move to Vienna, Austria, on September 1, 1965.
OPEC was formed at a coming together held on September 14, 1960 in Baghdad, Iraq by five part members Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It was registered with the United Nations Secretariat on November 6, 1962.
It seeks to ensure the stabilization and harmony of the oil prices international oil market by eliminating fluctuations for the wellbeing of producers, consumers and investors. Currently it controls ¾ supply of oil in the world.
Objectives
The important objectives of the OPEC are:
1. To protect the interests of the member nations.
This is brought about by the reflection ofuniform petroleum polices.
2. It aims to do away with harmful and unnecessary fluctuations. This is achieved by coming up with methods of ensuring that prices in the international oil markets take a breather stable.
3. A fixed and steady income for the oil-producing countries is aimed at.
4. The countries are interested in maintaining an efficient and consistent supply of petroleum to consumer nations.
5. Finally they lack to make sure that those countries investing their capital in the petroleum industry should receive a fair return on it.
An important contribution of the OPEC countries was their...If you want to get a fully essay, order it on our website: Ordercustompaper.com
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