Organization of Petroleum Exporting Countries (OPEC). It is a voluntary intergovernmental organization, aiming at coordinating and unifying the oil policies of its member countries. The Organization of Petroleum Exporting Countries aims at ensuring the stability of oil prices in the international oil market by eliminating harmful and unnecessary price fluctuations, ensuring that all member countries can obtain stable oil revenues under any circumstances, and providing sufficient, economical and long-term oil supplies for oil-consuming countries.

Organization of Petroleum Exporting Countries-Introduction

Headquartered in Geneva, 1965 moved to Vienna. The highest authority is the General Assembly, which is composed of oil ministers of member countries and meets twice a year. Responsible for formulating major policies, determining implementation methods and coordinating oil policies of member States. Under the Council and the secretariat, responsible for the overall management and daily affairs. The Secretariat has an economic committee to help the organization stabilize international oil prices at a fair and reasonable level. The implementation of oil production quota system ensures the interests of oil producers and consumers.

By 1983, the number of member countries has increased to 13, with new members including Algeria, United Arab Emirates, Ecuador, Gabon, Qatar, Libya, Nigeria and Indonesia. With the expansion of its membership and influence, the Organization of Petroleum Exporting Countries has now become an international oil organization, and its crude oil production accounts for one third of the global total output. Such a large oil output enables the Organization of Petroleum Exporting Countries to adjust the international oil price according to market conditions. In addition, its official price and the New York Mercantile Exchange's oil futures price are recognized price standards. Its influence in the global oil market is unparalleled.

From 2006 to 20 1 1, OPEC countries (excluding Iraq and Venezuela) are expected to invest 97.7 billion US dollars in the upstream, and 79 projects will be put into construction. The total oil output is expected to reach10.88 million barrels per day.

Purpose of the Organization of Petroleum Exporting Countries

Coordinate and unify the oil policies of member States and determine the most appropriate means to safeguard their respective and common interests.