OPEC (Organization of Petroleum Exporting Countries)

The Organization of Petroleum Exporting Countries, or OPEC - Organization of Petroleum Exporting Countries, is transliterated as OPEC in Chinese. It was established on September 14, 1960 and became a formal international organization on November 6, 1962. Its purpose is to coordinate and unify the oil policies of its member states and safeguard their respective and common interests. The current 12 member states are: Saudi Arabia, Iraq, Iran, Kuwait, United Arab Emirates, Qatar, Libya, Nigeria, Algeria, Angola, Ecuador and Venezuela.

In September 1960, representatives of Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela met in Baghdad and decided to join forces to deal with Western oil companies and safeguard oil revenues. On the 14th, the five countries announced the establishment of the Organization of Petroleum Exporting Countries (OrganizationofPetroleumExportingCountries--OPEC), referred to as "OPEC". With the increase in membership, OPEC developed into an international oil organization for some of the major oil producers in Asia, Africa, and Latin America. Headquartered in Vienna, the capital of Austria, OPEC now aims to ensure the stability of oil prices in the international oil market by eliminating harmful and unnecessary price fluctuations, ensuring that member countries can obtain stable oil revenues under all circumstances, and providing oil-consuming countries with sufficient, economical, and long-term oil supplies. Its purpose is to coordinate and unify the petroleum policies of its member states, and to determine the most appropriate means to safeguard their respective and common interests.

According to the BP World Energy Statistics 2011, the total oil reserves of the members of the organization at the end of 2010 were 68.40 billion barrels, accounting for about 77.2% of the world's oil reserves. The top five members were Saudi Arabia (64.50 billion barrels), Venezuela (11.20 billion barrels), Iran (37 billion barrels), Iraq (15 billion barrels) and Kuwait (1.50 billion barrels). In 2010, the crude oil production of the members of the organization was 1.6233 billion tons, accounting for about 39% of the world's crude oil production. The top five members were Saudi Arabia (467.80 million tons), Iran (203.20 million tons), the United Arab Emirates (130.80 million tons), Venezuela (126.60 million tons) and Kuwait (122.50 million tons).

The OPEC General Assembly is the highest authority of the organization, and each member state sends a delegation to the General Assembly headed by the ministers (ministers) of petroleum, minerals and energy. The General Assembly meets twice a year and can hold special sessions if necessary. The General Assembly adheres to the principle of unanimity of all member states, each member state has one vote, and is responsible for formulating the general policies of the organization and deciding on the appropriate way to implement them.

The OPEC Assembly also decides whether to admit new members and considers the reports and recommendations of the Council on the affairs of the organization. The Assembly considers and approves the appointment of directors from any member country and elects the chairperson of the Council. The Assembly has the right to request the Council to submit reports or make recommendations on any matter of interest to the organization. The Assembly also considers the OPEC budget report submitted by the Council and decides whether to amend it.

joining conditions

The OPEC regulations state: "Any country whose fundamental interests are in agreement with the members and whose net export of crude oil can indeed be achieved may become a full member of the Organization after being accepted by a two-thirds majority of the full members and unanimously accepted by all the founding members." The regulations of the organization further distinguish the categories of three categories of member states: founding members - those who attended the first meeting of OPEC held in Baghdad, the capital of Iraq, in September 1960 and signed the original agreement to establish OPEC; full members - including the founding members, and all countries whose application for membership in OPEC has been accepted by the General Assembly; associate members - those who have not obtained the status of full members, but are still admitted to the General Assembly in exceptional circumstances stipulated by the General Assembly. At present, except for Indonesia, which was suspended from OPEC membership, there are 12 OPEC member countries that joined OPEC at the time: Algeria (1969), Iran (1960), Iraq (1960), Kuwait (1960), Libya (1962), Nigeria (1971), Qatar (1961), Saudi Arabia (1960), United Arab Emirates (1967), Venezuela (1960), Angola (2007) and Ecuador (joined in 1973, withdrew in 1992, and rejoined in 2007). In addition, previous members include Indonesia (1962-2008) and Gabon (1975-1994).