wendy Figueroa and Diana Aldama
The Organization of the Petroleum Exporting Countries
(Organization of the Petroleum Exporting Countries) is an oil cartelwhose mission is to coordinate the policies of the oil-producing countries. The goal is to secure a steady income to the member states and to secure supply of oil to the consumers.
OPEC is an intergovernmental organization that was created at the Baghdad Conference on 10–14 September 1960, by Iraq, Kuwait, Iran, Saudi Arabiaand Venezuela. Later it was joined by nine more governments: Libya, United Arab Emirates, Qatar,Indonesia, Algeria, Nigeria, Ecuador, Angola, andGabon. OPEC was headquartered in Geneva,Switzerland before moving to Vienna, Austria, on September 1, 1965.
- Baghdad conference
- Member states
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 is a swing producer. its decisions have had considerable influence on international oil prices.