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- In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.
www.opec.org/opec_web/en/about_us/23.htm
In accordance with its Statute, the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and ...
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- An Overview of The History of OPEC
- Purpose, Specific Roles, and Responsibilities
- Importance and Influence of The Organization
- Notable Criticisms of OPEC and Its Limitations
It was in 1949 when Iran and Venezuela took the first initiative to establish strong international cooperation among producers and exporters of hydrocarbons. These countries invited Iraq, Kuwait, and Saudi Arabia to tackle the upcoming demand for oil and gas following the recovery of global economies from the Second World War. The United States was...
The mission statement of OPEC states that it aims to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic, and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum ...
OPEC has played a central role not only in the global oil market but also in the different facets of international relations. To understand the depth of its importance, note that its 13 member countries collectively account for more than 40 percent of global oil production and more than 80 percent of the proven oil reserves of the world. The power ...
The Organization of the Petroleum Exporting Countries is undeniably one of the most powerful and influential intergovernmental organizations in the world. Its directives and decisions can influence not only the global oil market but also affect economies, international relations and geopolitics, and the national policies of affected countries. But ...
OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.
4 days ago · When OPEC was formed in 1960, its main goal was to prevent its concessionaires—the world’s largest oil producers, refiners, and marketers—from lowering the price of oil, which they had always specified, or “posted.”
May 9, 2023 · OPEC’s stated objective is to “co-ordinate and unify petroleum policies among Member Countries” to secure pricing for producers, supply for consumers, and return on capital for investors, although the group is best known for its effect on global crude oil prices.
The Organization of the Petroleum Exporting Countries (OPEC, / ˈoʊpɛk / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.
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Sep 9, 2024 · OPEC's main goal is to maintain oil prices at a profitable level for its members while keeping the market as free as possible from restrictions.
