Member countries include Algeria, Bahrain, Egypt, Iraq, Kuwait, We found new trends coming up in the market, especially for the GCC market, and we, as a pipeline and infrastructure supporter, we are eager to penetrate this market and we are willing to help the markets grow up in the future. OAPEC seeks to achieve four basic goals. Main Accomplishments in Petrochemical Industries during the Reign of Amir of Kuwait, 29TH MEETING OF THE PETROLEUM COOPERATION COMMITTEE. Copy & paste this HTML in your website to link to this page, Organization of Arab Petroleum Exporting Countries (OAPEC). Eligibility for membership is determined under Section III of the IEF Charter. OAPEC – Organization of Arab Petroleum Exporting Countries. Member countries include Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, and the United Arab Emirates. Organization of Arab Petroleum Exporting Countries, Arabic Munaẓẓamat al-Aqṭār al-ʿArabiyyah al-Muṣaddirah lil-Batrūl, Arab organization formed in January 1968 to promote international economic cooperation within the petroleum industry. In 1986, Tunisia submitted its membership withdrawal request from the Organization. Organization of Arab Petroleum Exporting Countries (OAPEC): Organization founded in 1968 by conservative Arab states with the intent of creating international economic cooperation among petroleum producing and exporting nations. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Petroleum refinery at Ras Tanura, Saudi Arabia, This article was most recently revised and updated by, The Official Site of Organization of Arab Petroleum Exporting Countries. Article 4 also emphasized the deepening and strengthening of relations, links and areas of cooperation among their citizens. (Egypt’s membership was suspended in 1979, but it was readmitted in 1989. It also seeks to improve the collection methods and quality of oil and gas related data and their dissemination. Take adequate measures for the coordination of the petroleum economic policies of its members. The Forum's countries are account for more than 90% of the global supply of and demand for oil and gas. Those petroleum market fluctuations arise from and are affected by international political events, particularly in the oil producing countries. OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. The underpinnings which are clearly provided for in the preamble of the GCC Charter, confirm the special relations, common qualities and similar systems founded on the creed of Islam, faith in a common destiny and sharing one goal, and that the cooperation among these states would serve the sublime objectives of the Arab nation. The Forum and the global energy dialogue are supported by the permanent General Secretariat based in Riyadh, Kingdom of Saudi Arabia. Kuwait - Saudi Arabia - Bahrain - Qatar - United Arab Emirates - Oman - Algeria - Afghanistan - Argentina - Australia - Austria - Bangladesh - Belgium - Brunei - Bulgaria - 29TH Meeting of the Petroleum Cooperation Committee. Upgrading and providing technical support for the equipment of the communication system for a period of (3) years It also represents such emerging economies as China and India in addition to Russia, the world's current largest producer of oil, with a production of 12 million barrels per day although its exports are by far less than the exports of the Kingdom of Saudi Arabia. at the ministerial level. Organization of Arab Petroleum Exporting Countries, Arab organization formed in January 1968 to promote international economic cooperation within the petroleum industry. It is guided by the belief in the importance of building an integrated petroleum industry as a cornerstone for future economic integration amongst Arab countries and contributes to the effective use of the resources of member countries through sponsoring joint ventures. For inquiries, please review the Ministry of Oil building. This was moved to Vienna, Austria, on September 1, 1965. Take adequate measures for the harmonization of the legal systems in force in the member countries to the extent necessary to enable the Organization to carry out its activity. An inter governmental organization based in Kuwait that seeks to foster cooperation among the 11 Arab oil exporting nations that are its members, and develop their petroleum industry. (8) for the fiscal year (2020-2021) OAPEC and JCCP thereafter agreed to enter into a cooperative relationship and signed a Letter of Intent (LOI) to that effect in 2010 in Tunisia in the presence of Mr. Akihiro Ohata, Minister of Economy, Trade and The General Secretariat initiates dialogue and cooperation among producers and consumers of petroleum and energy, which started in 1991 with a view to build bridges of on-going communication among producing and consuming countries and the petroleum industry, on the basis of the common interests of all parties. Our editors will review what you’ve submitted and determine whether to revise the article. 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. The 74 IEF member countries account for almost 90% of world oil and gas supply and demand. On 21st Rajab 1401 AH corresponding to 25th May 1981, Their Majesties and Highnesses, the leaders of the United Arab Emirates, State of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, State of Qatar and State of Kuwait met in Abu Dhabi, United Arab Emirates, where they reached a cooperative framework joining the six states to effect coordination, integration and inter-connection among the Member States in all fields in order to achieve unity, according to article 4 of the GCC Charter.