Organization of The Petroleum Exporting Countries (OPEC)

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  • Established: By resolutions adopted September 14, 1960, in Baghdad, Iraq, and codified in a statute approved by the Eighth (Extraordinary) OPEC Conference, held April 5–10, 1965, in Geneva, Switzerland.

    Purpose: To coordinate and unify petroleum policies of member countries; to devise ways to ensure stabilization of international oil prices to eliminate “harmful and unnecessary” price and supply fluctuations.

    Headquarters: Vienna, Austria.

    Principal Organs: Conference, Board of Governors, Economic Commission, Secretariat.

    Website: www.opec.org.

    Secretary-General: Mohammed Sanusi Barkindo (Nigeria).

    Membership (15, with years of entry): Algeria (1969), Angola (2007), Congo (2018), Equatorial Guinea (2017), Iran (1960), Iraq (1960), Kuwait (1960), Libya (1962), Nigeria (1971), Qatar (1961), Saudi Arabia (1960), United Arab Emirates (Abu Dhabi in 1967, with the membership being transferred to the UAE in 1974), Venezuela (1960). Ecuador, which joined OPEC in ...

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