Read about OPEC’s impact on oil supply and prices. Oil reserves are an estimate of the amount of crude oil located in a particular economic region. The Organization of the Petroleum Exporting Countries (OPEC) is a group of oil-producing nations that was first established in Baghdad, Iraq, in 1961. In 1986, Tunisia submitted a request for withdrawal and it was accepted by the Ministerial Council., OAPEC's structure is composed of the Ministerial Council, General Secretariat, and a Judicial Tribunal. OPEC+ is a group of 24 oil-producing nations, made up of the 14 members of the Organization of Petroleum Exporting Countries (OPEC), and 10 other non-OPEC members, including Russia. The Economics Department and the Technical Affairs Department form the Arab Center for Energy Studies that was established in 1983. You can learn more about the standards we follow in producing accurate, unbiased content in our. The Executive Bureau assists the Council of Ministers by meet at least three times a year to review the budget, approve staff regulations, and develops an agenda for the Council of Ministers depending on their analyses of the organizations activities. They were to become the Founder Members of the Organization. De très nombreux exemples de phrases traduites contenant "opec member countries" – Dictionnaire français-anglais et moteur de recherche de traductions françaises. In (1982) Tunisia joined but requested to withdraw in 1986. OPEC Fund Governing Board Representative: HE Farid Tiaiba, Chief of Cabinet, Ministry of Finance, Governor of Algeria to the OPEC Fund. OAPEC sponsors joint ventures for its member countries to promote the effective use of resources and the economic integration of Arab countries., Kuwait, Libya and Saudi Arabia signed an agreement in Beirut on January 9, 1968, establishing OAPEC, and agreeing that the organization would be located in the State of Kuwait. Key partners participate in policy discussions in OECD Committees, take part in regular OECD surveys and are included in statistical databases. We also reference original research from other reputable publishers where appropriate. The Judicial Tribunal was established by a special Protocol signed on May 9, 1978, in Kuwait. OPEC Member Countries. The Arab Monetary Fund (AMF) was founded by the Arab League to stabilize payment imbalances among 22 participating member states. The Monthly Oil Market Report analyzes the most important issues facing the world oil market. 3 thoughts on “ List of APEC Member Economies ” Karlyn Caruthers says: February 17, 2011 at 7:52 pm. The (Re)Making of a Petro-State, https://en.wikipedia.org/w/index.php?title=Organization_of_Arab_Petroleum_Exporting_Countries&oldid=1001776287, Foreign relations of the United Arab Emirates, Articles with unsourced statements from September 2020, Articles with specifically marked weasel-worded phrases from July 2019, Articles with unsourced statements from May 2018, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 21 January 2021, at 07:56. On 9 January 1968, three of the then–most conservative Arab oil states — Kuwait, Libya, and Saudi Arabia — agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. Thanks … 16/02/2021 His Excellency the Secretary General of the Arab Petroleum Exporting Countries (OAPEC), Mr. Ali Sabt; 19/01/2021 Corrosion in Oil Refining and Petrochemical Industry; 07/01/2021 OAPEC’s Role Activation Plan; 31/12/2020 Potential Drilling Problems [6], As of December 2020, OAPEC has 11 members countries, 6 of which are also OPEC members:[7]. Gulf News. The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. OPEC Fund Ministerial Council Member: HE Ayman Benabderrahmane, Minister of Finance, Ministry of Finance. "History - The Definition of the Organization." "The Judicial Tribunal." The Protocol was added to the organization’s Agreement and became effective on April 20, 1980. One senior official from each member state serves on the Executive Bureau. The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Map of the member countries of OPEC. The formation of OPEC signified that the time when nations would have exclusive sovereignty over their natural resources was coming to an end; more and more nations were uniting in economic blocs and trade pacts. List of member countries of the Commonwealth of Nations; List of OPEC member countries; Originally posted 2017-02-24 22:35:42. [2] However, by early 1972, the criterion for admission had changed to oil being a significant source of revenue (rather than the principal source) of a prospective member nation; and Algeria, Iraq, Syria and Egypt had been admitted. OPEC Member Countries - Organization of the Petroleum Exporting Countries (OPEC) has 12 member countries; 6 in the Middle East, 4 in Africa, and 2 in South America. OPEC or the Organization of the Petroleum Exporting Countries consists of the major oil-exporting nations. Its other members include Algeria, Bahrain, Egypt, Iraq, Qatar, Syria, Tunisia, and the United Arab Emirates. Members of the APEC - Asia-Pacific Economic Cooperation The APEC is a trade agreement of currently 21 countries mainly located in Southeast Asia and in East Asia. OAPEC member countries are UAE, Bahrain, ALGERIA, SAUDI ARABIA, SYRIA, IRAQ, QATAR, KUWAIT, LIBIYA and EGYPT. However Saudi Arabia's oil production was up by 9% that year, and the main embargo lasted only ten days and was completely ended by the Khartoum Conference. The General Secretariat manages the organization’s activities according to the objectives outlined in the stated in the original OAPEC agreement and the directives of the Ministerial Council. Its founding countries include Saudi Arabia, Iraq, Iran, Kuwait, and Venezuela. Consequently, OAPEC became a much more activist organization, contrary to the original intention. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in the oil industry. Qatar has been a member of the OPEC Fund for International Development (the OPEC Fund) until July 1, 2019. Is Canada in OPEC? OPEC is one of the most powerful international organizations in the world and was a major player in the shift towards state control over natural resources. [citation needed], In 1979 Egypt was expelled from OAPEC for signing the Camp David Accords, although it was readmitted a decade later. [5] The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. OAPEC was established in 1968 by Kuwait, Libya, and Saudi Arabia. This is 41.8% of the habitable area around the world and 38% of the world population. Organization of Petroleum Exporting Countries, or simply OPEC, is a confederation of 12 countries that export net oil and hold two-thirds of the world’s known oil reserves. In accordance with the Agreement Establishing the OPEC Fund, Qatar is expected to continue to honour its outstanding commitments made to the OPEC … The OPEC Basket is a weighted average of oil prices collected from OPEC member countries, and it serves as a reference point for oil prices. OPEC member countries are not left out. According to OPEC's website, these 14 OPEC members … Since 1965, OPEC’s headquarters have been in Vienna, Austria. OAPEC members Organization for Arabian Petroleum Exporting Countries The OAPEC is a trade agreement of currently 11 countries in Western Asia and in Northern Africa. Ravindra Singh says: June 1, 2012 at 4:34 pm. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The Council also adopts resolutions and advises on issues, approves the draft annual budgets of the General Secretariat and the Judicial Tribunal, validates the end-of-year accounts and appoints the Secretary-General and Assistant Secretaries.. Good post! The Ministerial Council is managed by a Council of Ministers, which is responsible for general policy, activities, and governance. At the time, some of the world's largest oil fields were just entering production in the Middle East. On 9 January 1968, three of the then–most conservative Arab oil states — Kuwait, Libya, and Saudi Arabia — agreed at a conference in Beirut, Lebanon to found the Organization of Arab Petroleum Exporting Countries, aiming to separate the production and sale of oil from politics in the wake of the halfhearted 1967 oil embargo in response to the Six-Day War. [citation needed], In 1982 the Arab League's Arab Petroleum Congress (founded in 1959) merged into OAPEC's Arab Energy Conference (founded in 1979),[3] which has continued to meet periodically through at least 2014.[4]. There are a total of 15 nations that are members of OPEC. On 16 October, ten days after the war's start, Kuwait hosted separate meetings of both OAPEC and the Persian Gulf members of OPEC, including Iran. APEC currently has 21 members. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. The Council of Ministers is formed by each member state's minister of petroleum and they work together to construct general policy and ensure the organization's goals and actions are being achieved and implemented. The embargo would last for some five months before it was lifted in March 1974 after negotiations at the Washington Oil Summit. The vastly increased revenues would prove addictive, and a unified OAPEC oil embargo was never again possible. The US was simultaneously the world's largest producer and con… Reply. OPEC’s 14 Member Countries are Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, the Islamic Republic of Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela. The Executive Bureau has one representative from each member country. They participate in the OECD’s daily work, bringing useful perspectives and increasing the relevance of policy debates. to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical — such as those of Egypt and Algeria. OAPEC fosters cooperation among its 11-member Arab oil-exporting nations., OAPEC was established in 1968 by Kuwait, Libya, and Saudi Arabia. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members. The Arab league is a union of Arab-speaking African and Asian countries that promotes the interests of its 22 member countries and four observers. Accessed March 10, 2021. For the oil-exporting countries, the embargo was the first experience of leveraging their collective production for political gains. The General Secretariat consists of the Secretary General's Office, as well as four departments: Finance and Administrative Affairs; Information and Library; Economics; and Technical Affairs. The organization was original launched in 1960 in Baghdad by five founding members: Saudi Arabia, Venezuela, Iran, Kuwait, and Iraq. Investopedia requires writers to use primary sources to support their work. The Middle East and North Africa (MENA) is a region encompassing approximately 22 countries in the Middle East and North Africa. In October of that year, the forces of Egypt and Syria attempted to overwhelm the state of Israel in an offensive later known as the Yom Kippur War. Login The United States had established the Interstate Oil Compact Commission to join the Texas Railroad Commissionin limiting overproduction. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-Day War for the embargo to happen. Such use of the economic weapon of oil embargo in the struggle against Israel had been regularly proposed at Arab Petroleum Congresses, but it took the Six-D… The Council grants membership to applying countries and approves invitations to meetings that are extended to petroleum exporting countries. The first Judges of the Tribunal were elected on May 6, 1981. The OPEC Members List includes: The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. [citation needed], OAPEC was originally intended[by whom?] List of OPEC member countries Posted on July 11, 2019 by Vincent Augustine D'Souza The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. Its other members include Algeria, Bahrain, Egypt, Iraq, Qatar, Syria, Tunisia, and the United Arab Emirates. US Cities Where is Los Angeles The Executive Bureau assists the Council of Ministers by meet at least three times a year to review the budget, approve staff regulations, and develops an agenda for the Council of Ministers depending on their analyses of the organizations activities. 2011 South Sudanese independence referendum, "Foreign Relations of the United States 1964–1968, Volume XXXIV Energy, Diplomacy, and Global Issues, Document 260", Will Iraq Be a Global Gas Pump? Organization Of Arab Petroleum Exporting Countries (OAPEC) is an inter-governmental organization based in Kuwait. OAPEC is regarded[by whom?] One senior official from each member state serves on the Executive Bureau. The embargo's after-effects would linger through the rest of the decade and beyond. Organization of Arab Petroleum Exporting Countries. Accessed March 10, 2021. The Executive Bureau prepares the Council’s agenda, amends the regulations applicable to the staff of the General Secretariat, reviews the organization's budget and comments on Council issues that are related to the Articles of Agreement. In addition, gas reserves grew from 15 to 53 trillion cubic meters, and Arab petrochemicals production has now exceeded 150 million tons a year.. OPEC was established in 1960 in Baghdad by the first five members: Saudi Arabia, Venezuela, Iraq, Kuwait, and Iran. In 1965, OPEC’s headquarters was set up in Vienna, Austria, where it remains today. OAPI helps member countries to organize administrative strategies to protect property rights including copyrights, trademarks and patents. Toggle mobile search Toggle mobile menu. [citation needed] The Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. Organization of Arab Petroleum Exporting Countries. [1] Equally the three founders considered Iraq too radical to be desirable as a member. Accessed March 11, 2021. The embargo both banned petroleum exports to the targeted nations and introduced cuts in oil production. A number of the member nations would use this sense of control to renegotiate the contracts they had made with the companies that had discovered and exploited their resources. OAPEC consists of the Council of Ministers that holds the supreme authority over the Executive Bureau, the General Secretariat, and the Judicial Tribunal. The OPEC Secretariat produces numerous publications to inform the public about the Organization's activities, and to disseminate data and information about OPEC Member Countries and the oil industry in general. niouwhgfd. OPEC - The World's Oil Cartel. as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration. By 1982, the number of members had increased to 11. All member states comprise a total area of 62.87 million km² and about 2.92 billion people. These include white papers, government data, original reporting, and interviews with industry experts.
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