Petroleum Exporting Countries
The Organization of Petroleum Exporting Countries (OPEC) is a supranational or inter-governmental organization which consists of multiple countries that synchronize their production policies on oil in order to aid in the stabilization of the oil market and allow oil producers to receive a significant rate of return in their investments (Organization of Petroleum Exporting Countries). It is also a cartel, which is a group of organizations or in this case, a group of countries that were formed to regulate production, pricing, and marketing of goods.
Member countries of the OPEC include Algeria, Angola, Iran, Iraq, Ecuador, Libya, Indonesia, Kuwait, Nigeria, Saudi Arabia, Qatar, Venezuela, and the United Arab Emirates (Rational Revolution. net). The OPEC was established in at the Baghdad Conference in September 1960 by its founding members namely Iran, Kuwait, Saudi Arabia, Venezuela, and Iraq. Basically, the creation of the OPEC was meant to stabilize world market prices especially among countries who are mostly import-dependent (Organization of Petroleum Exporting Countries).
Since its formation, not much has changed in its role which includes holding meetings among representatives of member countries in order to discuss oil trends and market strategies. One significant change it has undergone is the addition of other member countries mentioned above. Notably, however, major oil producing countries that are not members include Russia, Mexico, and Norway, which export 5. 1, 2. 27, and 3 million barrels per day, respectively (Workman n. p. ).
Works Cited “Brief History: The Organization of Petroleum Exporting Countries. ” 2008. 27 November 2008 <http://www. opec. org/aboutus/history/history. htm>. “OPEC. ” 2007. Rational Revolution. net. 27 November 2008 <http://www. rationalrevolution. net/war/opec. htm>. Workman, Daniel. “Leading Oil Export Countries. ” 2008. Suite101. com <http://import-export. suite101. com/article. cfm/leading_oil_export_countries>.Sample Essay of RushEssay.com