(Energy Analytics Institute, Piero Stewart, 2.Mar.2020) — In Caracas, and by unanimous decision of the founding member of the Organization of Petroleum Exporting Countries (OPEC) under the leadership and vision of the Venezuelan Juan Pablo Pérez Alfonso, the organization adopted its statute at its second meeting held in January 1961.
OPEC was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries, namely the Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela, PDVSA announced in an official statement.
OPEC has been recognized since 6 November 1962 by the United Nations (UN).
The statutes stipulate that OPEC’s main objective is to harmonize the oil policies of its member countries as part of efforts to safeguard their interests.
The statutes also establishes the member countries work together to guarantee stable oil prices, ensure fair returns for producing and investing countries in the oil industry, and provide a stable supply of oil to consumers.
The statutes have been modified fourteen times over the course of OPEC’s 50-year history. All the amendments and updates ve been in line with the founding vision of the organization and have been implemented so that the organization works better, more efficiently and with a greater impact in achieving its established objectives.
© Energy Analytics Institute (EAI). All Rights Reserved.
***
