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A brief history of OPEC, as contained on the
organization's website states that the organization was created at the
Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi
Arabia and Venezuela. The five Founding Members were later joined by nine
other Members: Qatar; Indonesia; United Arab Emirates; Algeria; Nigeria;
Ecuador; Angola and Gabon. Indonesia suspended its membership from January
2009, after it became a net importer of oil but stated it would likely
return if it become a net exporter in the future. Gabon was only a member
of OPEC between 1975 to 1994. Ecuador suspended its membership in
December 1992 and returned back to the fold in October 2007.
OPEC had its headquarters in Geneva, Switzerland, in
the first five years of its existence. This was moved to Vienna, Austria,
on September 1, 1965.
OPEC's objective is to co-ordinate 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.
A summary of OPEC membership
is contained below with the current status of the member countries.
| |
Country |
Year
Joined |
Status |
| 1 |
Saudi Arabia |
1960
|
Founding
Member |
| 2 |
Venezuela |
1960
|
Founding
Member |
| 3 |
Iran |
1960 |
Founding
Member |
| 4 |
Iraq |
1960
|
Founding
Member |
| 5 |
Kuwait |
1960
|
Founding
Member |
| 6 |
Qatar |
1961 |
Member |
| 7 |
Indonesia |
1962 |
suspend membership
(1962
- 2009) |
| 8 |
Libya |
1962 |
Member |
| 9 |
United Arab
Emirates |
1967 |
Member |
| 10 |
Algeria |
1969 |
Member |
| 11 |
Nigeria |
1971 |
Member |
| 12 |
Ecuador |
1973 |
Member
(suspended membership in 1992, returned in 2007) |
| 13 |
Angola |
2007 |
Member |
| 14 |
Gabon |
1975 |
No
longer a member
(1975
- 1994) |
As shown in the table above, there
are 12 current member countries of the organization (OPEC)
Besides OPEC member countries,
there are several other
oil producing countries in the world.
Related websites:
Retail Prices of Gasoline in different
countries
Fossil Fuels -
Crude Oil (Petroleum)
Oil-producing countries
(Wikipedia)
Organization of Petroleum Exporting Countries
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