Organization of the Petroleum Exporting Countries (OPEC): Its Impact on Member Countries

The Organization of the Petroleum Exporting Countries (OPEC) is a permanent Intergovernmental Organization created at the Baghdad Conference on September 10-14-1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These five countries were founding members of OPEC. The major objective of OPEC is to coordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic, and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry. The entire objectives were fulfilled and achieved after the formulation of the organization.
Through this video, we will be able to know about the role of OPEC in the development of the oil economy of the member countries.

Topic Covered:

Formulation of OPEC
Member countries of OPEC
Objectives of OPEC
Roll of OPEC in maintaining oil price fluctuation of producing countries
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