Organization of Arab Petroleum Exporting Countries (OAPEC)

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OAPEC was founded in Beirut in January 1968 by Kuwait, Libya and Saudi Arabia with the aim of protecting their interests and coordinating their oil trade. The long term objective was fostering economic integration among Arab countries.

As of March 2012 OAPEC had ten members: Algeria, Bahrain, Egypt, Iraq, Kuweit, Libya, Qatar, Syria and United Arab Emirates. These countries accounted for around one quarter of total world oil production as of 2012 and the General Secretariat is based in Kuwait.

In 1986 Tunisia submitted a request for withdrawal and the Ministerial Council agreed to suspend the country's rights and obligations.[1]

External Links

Official Website: OAPEC

References

  1. "OAPEC (ORGANIZATION OF ARAB PETROLEUM EXPORTING COUNTRIES)" MEDEA, retrieved 8 March 2012.

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