OPEC is a Multi-Governmental Organization of twelve developing countries which are heavily reliant on oil revenues as their main source of income. Membership is open to any country which is a substantial net exporter of oil and which shares the ideals of the Organization. The current Members are Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
Since oil revenues are so vital for the economic development of these nations, they aim to bring stability and harmony to the oil market by adjusting their oil output to help ensure a balance between supply and demand. Twice a year, or more frequently if required, the Oil and Energy Ministers of the OPEC Members meet to decide on the Organization's output level, and consider whether any action to adjust output is necessary in the light of recent and anticipated oil market developments.
OPEC's twelve Members collectively supply about 41 per cent of the world's oil output, and possess more than three-quarters of the world's total proven crude oil reserves. More details can be found in the FAQ on the OPEC website www.opec.org, and in the sections on the individual Member Countries, which feature tables with selected oil, gas and economic data.
The Secretariat carries out the executive functions of the Organization in accordance with the provisions of the OPEC Statute and under the direction of the Board of Governors. It provides the Conference with support facilities; carries out research into energy, economics and finance; prepares reports and statistics; provides information on the Organization and its activities through various publications; receives visitors from different parts of the world; and organizes seminars, briefings and lectures. The Secretariat is equipped with an excellent library, and serves officials from Member Countries (MCs) as well as researchers, scholars and students from MCs and elsewhere.
Financed by MCs on the basis of equal contributions, the Secretariat is staffed by nationals of MCs called officers, and by support staff, recruited locally and abroad, together with secretarial and clerical staff. The Chief Executive of the OPEC Secretariat is the Secretary General, who is the legally authorized representative of the Organization.
|Flow(s): Supply, Transformation, Consumption, Oil and Gas Energy Prices and Taxes
Product(s): Oil, Gas, Coal, Electricity, Heat, Other Solid Fuels
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