Organization of the Petroleum Exporting Countries (OPEC)

Organisation des pays exportateurs de pétrole (OPEP)
Organización de Paises Exportadores de Petróleo (OPEP)
Organisation der Erdölexportierenden Länder

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History

Established 10-14 Sep 1960, Baghdad (Iraq), at conference of government representatives, following initiatives of Venezuela, 1949, when cooperation was established with Iran (since 1979 reconstituted as Islamic Republic of Iran), Iraq, Kuwait and Saudi Arabia; and subsequent resolutions of First Arab Petroleum Congress, 1959, Cairo (Egypt). Statutes approved at 2nd Conference, 15-21 Jan 1961, Caracas (Venezuela). In accordance with a Resolution of 8th Conference, 5-10 Apr 1965, Headquarters moved to Vienna (Austria), 1 Sep 1965. Agreement in accordance with Austrian law, 24 June 1965; new agreement, 18 Feb 1974.

Aims

Coordinate and unify petroleum policies of member countries and determine the best means for safeguarding their interests individually and collectively; devise means of ensuring stabilization of prices in international oil markets so as to eliminate harmful and unnecessary fluctuations, due regard being given to: the interests of producing nations and the necessity of securing a steady income for them; efficient, economic and regular supply of petroleum to consuming nations; fair return on the capital to those investing in the petroleum industry. Members adopted, June 1968, Declaratory Statement of Petroleum Policy, calling on Member Countries to: undertake direct exploration for and development of hydrocarbon resources; seek participation in the equity of existing concessions and progressive and accelerated relinquishment of acreage of present contract areas; establish conservation rules to be followed by operating oil companies; determine posted or tax reference prices. First Solemn Declaration adopted by Conference of the Sovereigns and Heads of State of the OPEC Member Countries, Mar 1975, Algiers (Algeria), added new policy guides and indicated that OPEC should seek, in consultation and cooperation with the other countries of the world, the establishment of a new economic order based on justice, mutual understanding and a genuine concern for the well-being of all peoples. Second Solemn Declaration, adopted by Second Summit of Heads of State and Government of OPEC Member Countries, Sep 2000, Caracas (Venezuela), reaffirmed PEC's commitment to order and stability in the international oil market, with reasonable prices and fair returns to investors.

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Activities

Research/documentation; monitoring/evaluation; knowledge management/information dissemination; guidance/assistance/consulting; politics/policy/regulatory; training/education. Monitors, forecasts and analyses development in the energy and petrochemical industries and studies the evaluation of hydrocarbons and products and their non-energy uses; analyses economic and financial issues, in particular those related to international financial and monetary matters and to the international petroleum industry; financial and/or material support.

Structure

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Languages

English.

Staff

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Financing

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Relations with Inter-Governmental Organizations

Relations with 22 inter-governmental organizations.
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Relations with Non-Governmental Organizations

Relations with 12 non-governmental organizations.
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Publications

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Information Services

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Members

Members in 15 countries
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Type I Classification

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Type II Classification

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Subjects *

  • Resources
    • Petroleum
  • Commerce
    • Import, Export

UN Sustainable Development Goals **

GOAL 8: Decent Work and Economic GrowthGOAL 12: Responsible Consumption and Production

UIA Org ID

C3038

Last News Received

2018
* Subject classification is derived from the organization names and aims.
** UN SDGs are linked to the subject classification.

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