Organization of the Petroleum Exporting Countries

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The Organization of the Petroleum Exporting Countries (OPEC) is an international organization. Since 1965, the headquarters of OPEC is in Vienna, Austria.

Members[change | change source]

12 countries are members of OPEC.[1] The names of these countries are:

  1. Algeria
  2. Angola
  3. Indonesia
  4. Iran
  5. Iraq
  6. Kuwait
  7. Libya
  8. Nigeria
  9. Qatar
  10. Saudi Arabia
  11. The United Arab Emirates
  12. Venezuela.

Aims[change | change source]

Member countries of the OPEC came together to form this international organization with several aims. Some of the aims are:

  • To protect the interest of the member countries.
  • To make sure that the price of petroleum products do not change much.
  • To make certain a regular supply of petroleum oil to other countries.
  • To make sure that member countries get the right amount of money from sale of oil products.
  • To decide policies to follow relating to production and sale of petroleum oil.

However, OPEC has not always been able to achieve all these aims.

Related pages[change | change source]

References[change | change source]

Other websites[change | change source]