Organization+of+the+Petroleum+Exporting+Countries

= History =

this is not credible. The Organization of the Petroleum Exporting Countries, abbreviated as OPEC, was created during the Baghdad Conference during September 10-14 in 1960. It was founded by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela to coordinate and unify policies on petroleum among the member states to ensure fair and stable prices for the producers of the petroleum.

= Member States =


 * Algeria
 * Angola
 * Ecuador
 * Iran
 * Iraq
 * Kuwait
 * Libya
 * Nigeria
 * Qatar
 * Saudi Arabia
 * Unite Arab Emirates
 * Venezuela

Venezuela, Saudi Arabia, and Iran hold the most amounts of oil, and thus the most amount of power within OPEC.

= Purpose =

OPEC's stated mission is to "coordinate and unify petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry."

= Structure =

OPEC has three main bodies that regulate its actions. These are the Conference, the Board of Governors, and the Secretariat. The Conference is the supreme authority within the organization. The Board of Governors implements the decisions of the Conference, and the Secretariat carries out the executive duties.

= Advantages and Disadvantages =

States in OPEC have great advantage from their memberships. By working with all the major producers of petroleum, none of these producers can be taken advantage of by large, industrialized nations. A disadvantage of OPEC is the way in which it plans things; that is, in a very short-term manner. Due to this, the prices of oil still fluctuate often.

= Effects on Local Diversity =

OPEC, being a primarily economic organization, has minimal effect on local diversity.

More information about OPEC can be obtained at: []

Sources: [] []