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Organization of the Petroleum Exporting Countries (OPEC)

  • Barry Turner
Part of the The Statesman’s Yearbook book series (SYBK)

Abstract

Origin and Aims. Founded in Baghdad in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The principal aims are: to unify the petroleum policies of member countries and determine the best means for safeguarding their interests, individually and collectively; to devise ways and means of ensuring the stabilization of prices in international oil markets with a view to eliminating harmful and unnecessary fluctuations; and to secure a steady income for the producing countries, an efficient, economic and regular supply of petroleum to consuming nations, and a fair return on their capital to those investing in the petroleum industry. It is estimated that OPEC members possess 75% of the world’s known reserves of crude petroleum, of which about twothirds are in the Middle East. OPEC countries account for about 43% of world oil production (55% in the mid-1970s).

Further Reading

  1. Al-Chalabi, F., OPEC at the Crossroads. 1989Google Scholar
  2. Skeet, I., OPEC: 25 Years of Prices and Policies. 1988Google Scholar

Copyright information

© Palgrave Macmillan, a division of Macmillan Publishers Limited 2012

Authors and Affiliations

  • Barry Turner

There are no affiliations available

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