What are OPEC missions? Discuss how OPEC helps other countries.
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Solution
Instructions: Give a brief introduction to OPEC.
Discuss the missions of OPEC.
Explain how OPEC helps other countries.
Solution:
Organization of the Petroleum Exporting Countries (a group of oil producing nations), is an intergovernmental organisation founded in Baghdad, Iraq, and headquartered in Vienna, Austria.
Presently, OPEC has 15 member nations and its membership is open to any country that exports crude oil and shares the ideals of the organization.
Missions of OPEC
To coordinate oil policies in its member countries.
To help stabilise oil markets.
To secure a fair and stable income to petroleum producers
To ensure an efficient, economic, and regular supply of oil to consuming nations.
To guarantee a fair return on capital to those investing in the petroleum industry.
How does OPEC help other countries?
The OPEC fund for International Development (OPID) is an institution that helps finance projects with low interest loans.
OPEC has an information centre with over 20,000 volumes including books, reports, maps, and conference proceedings related to petroleum, energy, and the oil market.
The information centre is open to the public and is often used by researchers and students.