The Organization of the Petroleum Exporting Countries (OPEC) is a permanent inter-governmental organization located in Vienna. It was created during the Baghdad Conference on September 10-14, 1960 with aim to co-ordinate and unifies 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.
Member of OPEC
• Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela are founder Members of the Organization.
• Qatar (1961), Indonesia (1962), Libya (1962), the United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975) and Angola (2007) later joined.
• From December 1992 until October 2007, Ecuador suspended its membership. Gabon terminated its membership in 1995. Indonesia suspended its membership in January 2009, but this was reactivated from 1st January 2016.
• Currently, the Organization has a total of 13 Member Countries.
Governing Bodies of the OPEC
The OPEC has three governing organs:
1. The Conference: It is consists of delegations representing the Member Countries. A delegation may consist of one or more delegation may consist of one or more delegates, as well as advisers. When a delegation consists of more than one person, the appointing country shall nominate one person as the Head of the Delegation.
2. The Board of Governors: It is composed of nominated Governors by the Member Countries and confirmed by the Conference. Each member of the organization represented at all meetings of the Board of Governors; however, a quorum of two –thirds shall be necessary for the holding of a meeting.
3. The Secretariat of OPEC is the executive organ of the Organization that works in accordance with the provisions of the OPEC Statute.
• Responsible for the implementation of all resolutions passed by the Conference and carries out all decisions made by the Board of Governors. It also conducts research, the findings of which constitute key inputs in decision-making.
• It consists of Organization’s Chief Executive Officer, Office of the Secretary General, the Legal Office, the Research Division and the Support Services Division.
• The Research Division comprises Data Services, Petroleum Studies and Energy Studies departments.
• The Support Services Division includes Public Relations & Information, Finance & Human Resources and Administration & IT Services departments.