Category: Business/Financial Management Analysis: Organization of the Petroleum Exporting Countries, OPEC, translated as OPEC.

An international professional organization formed by some oil-producing countries in Asia, Africa, and Latin America to control the control of international oil monopoly capital, defend oil resources, and safeguard national interests.

Established in September 1960, its main institutions include the General Assembly, the Council and the Secretariat.

Headquartered in Vienna.

By 1988, the *** had 13 member states.

Five countries including Iraq, Iran, Saudi Arabia, Kuwait and Venezuela are the founding countries.

Other members are: Qatar, Algeria, Ecuador, Gabon, Indonesia, Libya, Nigeria, and the United Emirates.

The oil property rights, exploration, refining and operation of these countries have long been controlled by foreign monopoly capital.

The organization aims to coordinate the oil policies of member states, take collective action, and negotiate with international oil monopoly companies to safeguard its own oil interests. In the 1970s, the organization repeatedly forced Western oil companies to protect member states' oil revenues.

Signing an agreement to raise oil prices and making a unilateral decision to raise oil prices, thereby gaining control over the price adjustment of the world oil market, once plunged Western countries into an oil crisis and played a positive role in promoting the reform of the old international economic order.

After entering the 1980s, due to the sharp decline in demand in the world oil market, the organization successively adopted measures such as "reducing production to protect prices" and "reducing prices to protect production". It was forced to continuously lower oil prices and limit the output of member states, causing the organization to gradually lose its credibility.

control over oil prices.

This development trend cannot be reversed in the short term.

In addition to the above-mentioned 13-nation OPEC, there are also regional international oil organizations.

For example, the Latin American Petroleum Mutual Aid Association was established in October 1965 and the Organization of the Petroleum Exporting Countries was established in January 1968.

During the Middle East War in October 1973, the member states of the latter used oil as a weapon and adopted measures such as price increases, production cuts, embargoes, share increases, and nationalizations to oppose Israel and its supporters, which had a major impact on international politics.

.

The organization also established the International Development Fund in 1976 to provide economic and financial assistance to other developing countries, effectively promoting South-South cooperation.