Organization of Petroleum Exporting Countries means Organization of Petroleum Exporting Countries .

The Organization of the Petroleum Exporting Countries Organization of the Petroleum Exporting Countries, referred to as the Organization of the Petroleum Exporting Countries (OPEC), is the Asian, African and Latin American oil-producing countries in order to oppose the exploitation of Western capitalism to coordinate the oil production policies of member countries and set up in September 1960 was established. It was established in September 1960 to maintain the stability of international oil prices and to ensure the income of the oil-producing countries. The highest decision-making body is the General Assembly of the member countries, which consists of the delegations of the member countries and is responsible for the formulation of the relevant policies and so on.

History

The headquarters of the Organization of the Petroleum Exporting Countries (OPEC) was moved from Geneva, Switzerland, in September 1960 to Vienna, Austria. The Organization of Petroleum Exporting Countries (OPEC) is the earliest established and most influential raw material producing and exporting organization in the Third World. Oil is the most important energy source in the post-war world. In the early post-war period, the exploration, exploitation and sale of the world's oil were almost entirely controlled by the Western oil monopoly consortia.

The consequence of this monopoly control was that the western developed countries gained excessive profits, while the economic interests of the major oil-producing countries in the Third World were jeopardized. In order to counterbalance the major oil companies (mostly American, British and German) by lowering the price of oil and the burden on producers. Initially, the organization was only an unofficial bargaining group to sell to third world countries at reduced prices.

This size limited its ability to compete with Western oil companies for a larger share of the profits and a higher level of production control. However, in the early 1970s it began to show its effectiveness.