ABSTRACT
Organisation of Petroleum Exporting Countries have contributed to existing international development and financial institutions. This chapter examines the implications of OPEC’s choices of channels of aid in terms of its commitment to the achievement of Third World goals, including that of establishing a New International Economic Order. One consequence of OPEC’s actions in 1973 was the development of a number of emergency mechanisms to deal with the immediate financial problem of the non-oil developing countries. On 1 May 1974, the UN General Assembly adopted resolution 3202 (S.VI), establishing a Special Fund to provide emergency relief and development assistance to those countries most seriously affected by the global economic crisis prompted by the oil revolution. The Oil Facility was originally designed to be financed by borrowing from the OPEC countries, but some industrialised countries have also lent to it.
