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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1960-09-10 Baghdad Iraq
Founded 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 Jun 1965; new agreement, 18 Feb 1974.
Coordinate and unify petroleum policies of Member Countries; ensure stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, steady income to producers and a fair return on capital for those investing in petroleum.
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Conference (at least twice a year) is attended by representations of member countries, normally headed by Ministers responsible for Oil, Mines and Energy, and formulates general policy, appoints Secretary-General (3-year term) and elects Chairman of the Board of Governors. Board (meets at least twice a year) comprising one governor nominated by each member country for a 2-year term. K-XE7401 - OPEC Economic Commission Board, a specialized body operating within the framework of the Secretariat. Secretariat comprises: Office of the Secretary General; Legal Office; Research Division, including 3 Departments (Data Services; Energy Studies; Petroleum Studies); Support Services Division, including 3 Departments (Administration and IT Services; Finance and Human Resources; Public Relations and Information). Established F-XF6504 - OPEC Fund for International Development (OFID) as a multilateral development finance institution to promote cooperation between OPEC Member Countries and other developing countries.
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UN Sustainable Development Goals **
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