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THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES

THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES

The organization of petroleum exporting countries (OPEC) as the name implies is an inter governmental organization of 13 countries.

Founded on 14th September 1960 in Baghdad by the first five members ( Iran, Iraq, Kuwait, Saudi Arabia, & Venezuela).

It has since 1965 been headquartered in Vienna, Austria.

Although Austria is not an OPEC member state.

The mission of OPEC is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization of oil markets, in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in petroleum industry.

The current OPEC members are as follows and this include:

Algeria, Angola, equatorial guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the republic of Congo, Saudi Arabia, the United Arab Emirates, & Venezuela.

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OPEC is an organization of _______ countries?