What Is the Full Form of OPEC in Organization?

The Full Form of ‘OPEC’ in Organization is ‘Organization of the Petroleum Exporting Countries’.

Full Form of OPEC

OPEC, the Organization of the Petroleum Exporting Countries, is an intergovernmental organization whose purpose is to coordinate and unify petroleum policies among its member countries in order to secure fair and stable prices for petroleum producers. OPEC was founded on 14 September 1960 at Baghdad, Iraq by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. It currently has 13 member states: Algeria, Angola, Ecuador (suspended since December 1992), Equatorial Guinea (joined in May 2017), Gabon (withdrew from January 1995 to July 2016), Iran, Iraq, Kuwait, Libya (suspended since February 2017), Nigeria, Qatar (until January 2019), Saudi Arabia and United Arab Emirates. The group’s objective is to bring stability to the world oil market by preventing supply glut that could erode prices.

OPEC works through a consensus-based decision-making process that brings together representatives of each member country once a year at its headquarters in Vienna. During these meetings they discuss matters such as production quotas and other policies affecting the organization’s mission of maintaining balanced global oil markets. Through these meetings OPEC has been able to take coordinated action on multiple occasions over the years when it comes to balancing global supply with demand.

The main focus of OPEC’s activities is setting production quotas for its members in order to maintain a balance between supply and demand in the global oil market. This helps ensure fair prices for producers while also providing consumers with reliable access to fuel supplies at reasonable prices. In recent years OPEC has become increasingly active in trying to manage global oil supplies so as to prevent price volatility caused by sudden supply shocks or declines in demand.

In addition to setting production quotas for its members, OPEC also works towards establishing cooperation agreements between member states on issues such as taxation and revenue sharing. These agreements are designed to ensure that all of OPEC’s members benefit from more equitable distribution of their revenues from oil exports. The organization also serves as an important forum for dialogue amongst its members and with external stakeholders such as consumers or other organizations like the International Energy Agency (IEA).

It should be noted however that although OPEC has achieved some success in stabilizing global oil markets since it was founded in 1960 there have been times when it has failed to reach consensus amongst its own members leading to disagreements over policy decisions or even internal disputes over who should lead the organization at different times throughout its history. Despite this however it remains one of the most influential organizations involved in international energy politics today and continues to play an important role in helping maintain stability within global oil markets

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