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Advocacy Organizations DETAILS |
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| Website | http://www.opec.org/ |
| Established | September 14, 1960 |
| Disbanded | Still Active |
| Contributor | kal |
| Last Modified | Bojicat October 04, 2019 01:39pm |
| Description |
'Intergovernmental' organization of petroleum producing nations acting in cartel fashion to coordinate, unify and control the price and output of oil worldwide.
The organization is led by an 'OPEC Conference' headed by the oil ministers of member countries, which acts as its supreme authority. Meetings are held twice a year (and in additional extraordinary sessions when necessary) at its headquarters in Vienna. Members vote to select the OPEC Secretary General, its chief executive.
Though OPEC's charter requires that the organization make decisions on the principle of 'one member/one vote', its largest oil producer, Saudi Arabia, has been and continues to be primus inter pares with the greatest sway.
A vote by three-quarters of OPEC's existing members is required to approve the admission of any new member.
Indonesia quit effective January 1, 2017 after the group announced production cuts with non-OPEC producers.
Qatar left OPEC effective January 1, 2019.
Ecuador announced on October 1, 2019 it was leaving the group effective January 1, 2020 [Link]
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