The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organisation Arab States formed for the cooperation and coordination of energy policies among oil producing Arabs. It was established by Kuwait, Libya and Saudi Arabia on January 9, 1968. Kuwait was chosen as headquarter.
The basic concern of the organisation is to develop the infrastructure as well as prosperity of World’s Petroleum Industry by nurturing cooperation and coordination among member states. It also explores the possibilities of cooperation among its members, and net oil importing industrialized and developing countries. It also nurtures the close interaction that facilitates accession to new scientific and technological developments in the field of energy.
The objective behind the formation of the organisation is to safeguarding economic aspects of oil industry, to immune the potentiality of oil embargo of Arab world, to provide legality of collective efforts within the industry, and to create customer-friendly market on fair & reasonable rates.
Governing Bodies of Organization of Arab Petroleum Exporting Countries (OAPEC)
Organisational Goals of OAPEC
OAPEC was formed with an aim to promote economic cooperation internationally within the ambit of petroleum industries. There are four basic goals which are given below:
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