OAPEC, short for the Organization of Arab Petroleum Exporting Countries, is an intergovernmental organization consisting of eleven member countries. Founded in 1968, its objective is to strengthen cooperation and coordination among its members in the field of petroleum, in order to ensure the stability of oil markets and promote their mutual interests.
OAPEC's membership includes Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia, and the United Arab Emirates. The organization primarily focuses on issues related to the petroleum industry, including production, exploration, pricing, refining, and transportation.
One of OAPEC's key functions is to enhance cooperation among member countries in order to achieve a unified approach in making decisions related to oil policies. It seeks to coordinate these policies to ensure stable oil prices and secure reliable supply to meet the needs of member countries and the international market.
In addition to its coordination activities, OAPEC conducts research, studies, and analysis related to the petroleum industry and provides its member countries with economic and technical assistance in this field. The organization also organizes conferences, seminars, and meetings to exchange information, share experiences, and discuss issues of common interest.
OAPEC plays a crucial role in the global energy market due to the significant oil reserves and production capacities of its member countries. Its actions and decisions have the potential to impact global oil prices, trade relationships, and energy security for both member countries and the wider international community.
