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Coordinate petroleum policies among its member countries
- An organization set up in 1960 to coordinate petroleum policies among its member countries, initially with the aim of securing a regular supply to consuming countries at a price that gave a fair return on capital investment.
en.wikipedia.org/wiki/OPEC
4 days ago · During the 1970s the primary goal of OPEC members was to secure complete sovereignty over their petroleum resources. Accordingly, several OPEC members nationalized their oil reserves and altered their contracts with major oil companies. In October 1973, OPEC raised oil prices by 70 percent.
It was founded on 14 September 1960, in Baghdad by the first five members which are Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The organization, which currently comprises 12 member countries, accounted for an estimated 30 percent of global oil production. [3]
Brief History. The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by: Qatar (1961) – terminated its membership in January 2019 ...
OPEC was founded in Baghdad, Iraq on 14 September 1960 against a background of great change. (slide 3) The post-World War Two period of reconstruction was over and the consumer society was in full swing. Cars were becoming bigger and thirstier and air travel was more affordable for the masses.
The Organization of Petroleum Exporting Countries or OPEC an organization that was created at a conference in Baghdad, Iraq on September 10th-14th, 1960. The founding members which include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela agreed to create an organization that could bring some degree of stability to the world oil market.
Sep 9, 2024 · OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. OPEC is a cartel that aims to manage the supply of oil...
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Brief History of OPEC. OPEC’s formation by five oil-producing developing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape, with extensive decolonisation and the birth of many new independent states in the developing world.
