OPEC

Introduction

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent
intergovernmental organization, which consist of 12 oil-exporting developing nations
that coordinate and unify the petroleum policies of its Member Countries

It was created at the Baghdad conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia
and Venezuela. OPEC then welcomed nine other members that included;
Qatar in 1961
Indonesia in 1962 to 2009
Libya in 1962
United Arab Emirates in 1967
Algeria in 1969
Nigeria 1971
Ecuador in 1973
Angola in 2007
Gabon in 1975 to 1994
OPECs Main Objectives
to stabilize prices in international oil markets
with a view to eliminating harmful and
unnecessary fluctuations
maintain an efficient and regular supply of
petroleum to consuming nations
have a fair return on the capital of those
investing in the petroleum industry.
Structure
The Organization is divided into 4 main categories The
Conference, The Board of Governors, The Economic
Commission and The Secretariat.
The OPEC conference is responsible for the formulation
of the general policy of the organization and the
determination of the appropriate ways and means of
its implementation. It also decides on applications for
membership of the organization and it approves the
appointment of governors from each member country
and elects the Chairman of the board.
The Board of Governors is made up of one
governor thats nominated by the Member
countrys for a period of two years. The boards
main job is to implement resolutions of the
conference and to come up with the annual
budget of the organization.
The Economic Commission of OPEC is the
specialized body that operates within the
framework of the Secretariat in order to assist the
organization in promoting stability in international
oil markets. This commission is made up of the
Secretary General, the National Representatives
and a Commission Coordinator.

The secretariat, located in Vienna, is known as the
headquarters of the organization and is responsible
for the implementation of all resolutions of the
conference and conducting of research that will
enable key decisions to be made. It is made up of
the Secretary Generals Office, the Research Division
and the Support Services Division.
The Secretariat was originally established in 1961 in
Geneva, Switzerland. In April 1965, the 8th
(Extraordinary) OPEC Conference approved a Host
Agreement with the Government of Austria,
effectively moving the Organizations headquarters
to the city of Vienna on September 1, 1965.