OPEC: An Organization of Oil-Exporting Countries

What is OPEC?

OPEC (Organization of the Petroleum Exporting Countries) is a permanent intergovernmental organization of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries. Founded in 1960 in Baghdad, Iraq, OPEC's mission is to coordinate and unify the petroleum policies of its member countries and to ensure the stabilization of oil prices in international oil markets.

Objectives of OPEC

The objectives of OPEC, as stated in its Statute, are to: * Coordinate and unify the petroleum policies of its member countries. * Ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consuming countries. * Secure a steady income to its member countries by ensuring fair and stable prices for petroleum. * Contribute to the stabilization of world oil markets in order to promote economic development and progress.