Friday, March 22, 2024

Organization of the Petroleum Exporting Countries

by Hideo Nakamura

Organization of the Petroleum Exporting Countries (OPEC)

The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization that was founded in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC’s primary purpose is to manage the supply and price of oil amongst its member countries. Today, there are 14 members including Algeria, Angola, Ecuador, Gabon and Nigeria.

The objectives of OPEC include:

1. Coordinating and unifying petroleum policies among Member Countries;

2. Determining the best means for safeguarding their interests;

3. Expanding cooperation among Member Countries;

4. Working towards stabilizing prices in international oil markets;

5. Ensuring a steady income to producers;

6. Enhancing efficient development and exploitation of petroleum resources as well as ensuring equilibrium in demand-supply relations so as to secure long-term supplies at reasonable prices with a view to eliminating destructive competition between producing countries which may arise due to fluctuations in production or prices beyond certain limits determined by mutual agreement among them ;

7 . Making provision for emergency funds necessary for dealing with any unforeseen circumstances arising out of sudden changes or disruptions caused by factors outside their control ;
8 . Consulting on international energy problems such as those related to environmental protection measures against pollution resulting from exploration activities or production processes associated with crude oil or natural gas extraction operations carried out inside or outside the territories/economic zones/continental shelves of Member Countries ; 9 . Promoting closer relations among themselves through regular consultations held within the framework set up under this Constitution 10 . Developing mechanisms suitable for consultation between OPEC Members on matters concerning economic development efforts aimed at achieving various goals , such as sustainable growth , social justice , employment creation , poverty reduction etc., taking into account each country’s potentialities and capabilities 11 . Contributing effectively towards meeting growing world energy demands while preserving human dignity

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