Abstract
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 two-thirds are in the Middle East. OPEC countries account for about 40% of world oil production.
Chapter PDF
Similar content being viewed by others
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
Further Reading
Al-Chalabi, R., OPEC at the Crossroads. Oxford, 1989
Skeet, I., OPEC: 25 Years of Prices and Policies. CUP, 1988
Editor information
Copyright information
© 2007 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Turner, B. (2007). Organization of the Petroleum Exporting Countries (OPEC). In: Turner, B. (eds) The Statesman’s Yearbook 2008. The Statesman’s Yearbook. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-74024-6_107
Download citation
DOI: https://doi.org/10.1007/978-1-349-74024-6_107
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-4039-9277-2
Online ISBN: 978-1-349-74024-6
eBook Packages: Palgrave Political & Intern. Studies CollectionPolitical Science and International Studies (R0)