The Organization of Arab Petroleum Exporting Countries (OAPEC) is a regional inter-governmental organization located in the state of Kuwait, concerned with the development of the petroleum industry through fostering cooperation among its members. It was established in 1968 by three Arab countries: Saudi Arabia, Kuwait and Libya. Subsequently, seven other Arab petroleum exporting countries joined OAPEC. These countries are: Algeria, Bahrain, Dubai (replaced later by United Arab Emirates), Egypt, Iraq, Qatar and Syria.
The principal objectives of the organization include the cooperation of the members in various forms of economic activity in the petroleum industry, the realization of the closest ties among them in this field, the determination of methods and means of safeguarding the legitimate interests of the members in this industry, individually and collectively, the unification of efforts to ensure the flow of petroleum to its consumption markets on equitable and reasonable terms, and the creation of suitable climate for the investment in the petroleum industry in the member countries.