OPEC

OPEC:

The organization of the petroleum countries founded In September 1960 in Baghdad Iraq. The founder members were Iran Iraq Kuwait Saudi Arabia and Venezuela. Now in 2012 the twelve countries associated with this organization are Algeria, Angola, Ecuador, Iran ,Iraq, Kuwait,Libya, Nigeria, Qatar, Saudi Arabia, the united Arab Emirates, and Venezuela. OPEC has had is headquarters in bieena since 1965 and hosts regular meetings among the oil minister of its member countries. Indonesia withdraw in 2008 after it became a net importer of oil.

OPEC was found to unify and coordinate members petroleum policies. One of the principal goals is the determination of the best means of ensuring the stabilization of prices imn international oil markets with a view to eliminating harmful and unnecessary fluctuations giving due to regards at all time to the interest of the producing nations and to the necessity of securing a steady income to the producing countries an efficient and regular supply of petroleum to consuming nations and a fair return on their capital to those investing in the petroleum industry.

According too current estimates more than 80% of the world proven oil reserves are located in OPEC member countries with the bulk of OPEC oil reserves in the recent years for example by adopting best practices in the industry realizing intensive exploration and enhancing recoveries. As a result OPEC 's proven oil reserves currently stand at 1,199.71 billion barrels.