ABSTRACT
OPEC was established in 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. It aims to unify and co-ordinate members’ petroleum policies and to safeguard their interests, as well as to stabilize the global petroleum market. The Conference is the supreme authority of the organization, responsible for the formulation of its general policy. It consists of representatives of member countries, who examine reports and recommendations submitted by the Board of Governors. The Board directs the management of OPEC; it implements resolutions of the Conference and draws up an annual budget. It consists of one governor for each member country, and meets at least twice a year. OPEC’s five original members first met following the imposition of price reductions by petroleum companies in the previous month. In March 2010 OPEC, the International Energy Agency (IEA) and the IEF agreed to greater co-operation and a wider joint program of work.
