When OPEC was formed in 1960, its main goal was to prevent its concessionaires—the world’s largest oil producers, refiners, and marketers—from lowering the price of oil, which they had always specified, or “posted.” OPEC members sought to gain greater control over oil prices by coordinating their production and export …

What is the main objective of OPEC?

OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.

Why was the organization of the Petroleum Exporting Countries founded?

The term Organization of the Petroleum Exporting Countries (OPEC) refers to a group of 13 of the world’s major oil-exporting nations. OPEC was founded in 1960 to coordinate the petroleum policies of its members and to provide member states with technical and economic aid. 1  OPEC is a cartel that aims to manage the supply …

Who are the major oil exporting countries in the world?

The Organization of the Petroleum Exporting Countries (OPEC) is a group consisting of 14 of the world’s major oil-exporting nations.

What is the function of OPEC in the oil market?

OPEC was originally created by a group of producing countries to a) manage the price of crude oil or b) stabilize the crud oil market by increasing or decreasing their production of crude oil.

Who are the members of the OPEC Organization?

OPEC is a permanent intergovernmental organization of 13 oil-exporting developing nations that coordinates and unifies the petroleum policies of its Member Countries. The OPEC Secretariat is the executive organ of the Organization of the Petroleum Exporting Countries (OPEC).