The Organization of the Petroleum Exporting Countries (OPEC)
Funcation:
The OPEC Member Countries coordinate their oil production policies in order to help stabilise the oil market and to help oil producers achieve a reasonable rate of return on their investments.This policy is also designed to ensure that oil consumers continue to receive stable supplies of oil.
The Ministers of energy and hydrocarbon affairs meet twice a year to review the status of the international oil market and the forecasts for the future in order to agree upon appropriate actions which will promote stability in the oil market.
The Member Countries also hold other meetings at various levels of interest,including meetings of petroleum and economic experts,country representatives and special purpose bodies such as committees to address environmental affairs.
Decisions about matching oil production to expected demand are taken at the Meeting of the OPEC Conference.Details of such decisions are communicated in the form of OPEC Press Releases.
The OPEC Secretariat is a permanent inter-governmental body.The Secretariat which has been based in Vienna since 1965,provides research and administrative support to the MCs.The Secretariat also disseminates news and information to the World at large.