OPEC

Organisation of the Petroleum Exporting Countries.

Award Motivation

For its role to stabilise oil prices and energy markets by coordinating production levels among its members and avoid extreme price fluctuations.

Award details

Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organisation comprised of the following twelve oil producing countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela. Its aim is to co-ordinate and unify petroleum policies amongst member countries to ensure fair and stable prices for producers and a regular and efficient supply to consumer nations. It was formed at the Baghdad Conference in September 1960, with the five founding members being Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. For the first five years of its existence, OPEC headquarters were located in Geneva, before moving to Vienna in 1965. During the 1970′s, OPEC experienced international coverage as member countries began to seize control of their domestic petroleum industries. In 1976 the OPEC Fund for International Development was established. OPEC initiatives reduced the market impact of Middle East hostilities in 1990 to 1991. Furthermore, innovative OPEC oil prices assisted in strengthening and stabilising crude oil prices in the early 2000′s. In 2007, OPEC established stable energy markets, sustainable development practices and environmental policies as three guiding themes for the future of their policies and initiatives.

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