Organization of Petroleum Exporting Companies

Organization of Petroleum Exporting Countries
The Organization of Petroleum Exporting Countries (OPEC) is a voluntary inter-governmental organization that coordinates and unifies the petroleum policies of its Member Countries. OPEC was formed at a meeting held on September 14, 1960 in Baghdad, Iraq, by five Founder Members: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. (Frequently 2) OPEC was founded in response to the practice of international oil companies lowering crude-oil prices without consulting the Middle Eastern oil states in which they held concessions. (Organization 72)
OPEC’s objective is to coordinate 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. (Brief History 1) OPEC could claim only two achievements in its early years. It ensured that th...