Opec

Opec

Concept of Opec

An introductory definition of Opec is provided here: Organization of Petroleum Exporting Companies: cartel of oil producers formed to control the price and supply of oil on world markets

Definition of OPEC

Within the context of international organizations, the following is a brief meaning of opec: The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of twelve oil-producing countries made up of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela

OPEC has twelve member countries: six in the Middle East, four in Africa, and two in South America. Every member of OPEC is a net exporter of Oil

Indonesia withdrew in 2008 after it became a net importer of oil, but stated it would likely return if it became a net exporter again

Ecuador joined the organisation in 1973 and left it in 1991, while Gabon, which joined the group in 1975, dissociated with it in 1995

OPEC was formed by Iran, Iraq, Saudi Arabia, Kuwait and Venezuela in Baghdad in 1960. The organisation controls nearly 40 per cent of the international crude oil trade.

OPEC

The Organization of Petroleum Exporting Countries, abbreviated as OPEC, is a global organisation devoted to ensuring stability and shared control of the petroleum markets. OPEC was established in September 1960 and formally constituted in January 1961. The headquarters, originally in Geneva, were moved to Vienna in 1965

OPEC members are: Algeria (DZ), Angola, Ecuador, Iran (IR), Iraq (IQ), Kuwait (KW), Libya (LY), Nigeria (NG), Qatar (QA), Saudi Arabia (SA), the United Arab Emirates (AE), and Venezuela (VE).

OPEC

Embracing mainstream international law, this section on opec explores the context, history and effect of the area of the law covered here.

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See Also

  • Foregin Policy
  • Foreign Affairs

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See Also

  • International Organization
  • Foreign Relations
  • Intergovernmental Organization
  • Regional Organization
  • Regional Integration

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Further Reading

  • The entry “opec” in the Parry and Grant Encyclopaedic Dictionary of International Law (currently, the Encyclopaedic Dictionary of International Law, 2009), Oxford University Press

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Further Information

Organization of the Petroleum Exporting Countries

See Also

World Trade Organization

Resources

See Also

  • International Organization

Hierarchical Display of OPEC

International Organisations > World organisations > World organisation
Geography > Economic geography > OPEC countries

OPEC

Concept of OPEC

See the dictionary definition of OPEC.

Characteristics of OPEC

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Translation of OPEC

Thesaurus of OPEC

International Organisations > World organisations > World organisation > OPEC
Geography > Economic geography > OPEC countries > OPEC

See also

  • Organisation of Petroleum Exporting Countries
  • Organization of Petroleum Exporting Countries

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