The Organization of the Petroleum Exporting Countries (OPEC) was founded on September 14th, 1960, at the initiative of the Venezuelan Energy and Mines minister Juan Pablo Pérez Alfonso and the Saudi Arabian Energy and Mines minister Abdullah al-Tariki. The initial goal was to increase the price of the crude oil barrel, which was worth a mere $5 USD back then.
OPEC was formed at a time when the international oil market was largely separate from centrally planned economies, and was dominated by multinational companies. OPEC's ‘Policy Statement' states that there is a right of all countries to exercise sovereignty over their natural resources.
However, since the crash of 1983, OPEC members no longer control prices.
They are:
OPEC was formed at a time when the international oil market was largely separate from centrally planned economies, and was dominated by multinational companies. OPEC's ‘Policy Statement' states that there is a right of all countries to exercise sovereignty over their natural resources.
However, since the crash of 1983, OPEC members no longer control prices.
They are:
- Saudi Arabia (1960);
- Iran (1960);
- Iraq (1960);
- Kuwait (1960);
- Venezuela (1960);
- Qatar (1961);
- Indonesia (1962-2008);
- Libya (1962);
- Abu Dhabi (1967, now United Arab Emirates);
- Algeria (1969);
- Nigeria (1971);
- Ecuador (1973-1992; 2007);
- Gabon (1975-2006);
- Angola (2007).
 |
| Photo: Wikipedia |