International Business, 3rd Edition

Chapter 18

 

∗ The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organisation of 12 oil-exporting developing nations that coordinates and unifies the petroleum policies of its member countries. These countries are Algeria, Angola, Iran, Iraq, Ecuador, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. The mission of OPEC is to coordinate and unify the petroleum policies of its member countries, and ensures the stabilisation 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.