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Organization of petroleum exporting countries

NAME: SHREYA RACHH

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CLASS: FYB.FM SUB: MACRO ECONOMICS ROLL NO: 42 PROF.INCHARGE: PROF.OBEROI

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ACKNOWLEDGEMENT INTRODUCTION BRIEF HISTORY MISSION MEMBER COUNTRIES. IV.I. VII. XI. IX.FACTS AND FIGURES SECRETARIAT SECRETARY GENERAL LEGAL OFFICE INTERNAL AUDIT OFID CONCLUSION BIBLIOGRAPHY Introduction 3 . XII. II. VIII. III. V. X. VI.

on September 1. Saudi Arabia and Venezuela. OPEC had its headquarters in Geneva. United Arab Emirates (1967). 1965. Socialist Peoples Libyan Arab Jamahiriya (1962). This was moved to Vienna. Switzerland. Ecuador (1973) – suspended its membership from December 1992-October 2007. intergovernmental Organization. by Iran. Algeria (1969). Iraq. Nigeria (1971). Brief history 4 . in the first five years of its existence. Kuwait. Angola (2007) and Gabon (1975–1994). The five Founding Members were later joined by nine other Members: Qatar (1961).The Organization of the Petroleum Exporting Countries (OPEC) is a permanent. Indonesia (1962) – suspended its membership from January 2009. 1960. Austria. created at the Baghdad Conference on September 10–14.

Member Countries embarked on ambitious socio-economic development schemes. which addressed the plight of the poorer nations and called for a new era of cooperation in international relations.OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries. triggered by the Arab oil embargo in 1973 and the outbreak of the Iranian Revolution in 1979. Membership grew to 13 by 1975. The 1970s OPEC rose to international prominence during this decade. The 1960s OPEC’s formation by five oil-producing developing countries in Baghdad in September 1960 occurred at a time of transition in the international economic and political landscape. as its Member Countries took control of their domestic petroleum industries and acquired a major say in the pricing of crude oil on world markets. set up its objectives and established its Secretariat. The international oil market was dominated by the “Seven Sisters” multinational companies and was largely separate from that of the former Soviet Union (FSU) and other centrally planned economies (CPEs). and a fair return on capital to those investing in the industry. before crashing in 1986. It adopted a ‘Declaratory Statement of Petroleum Policy in Member Countries’ in 1968. On two occasions. in the interests of world economic development and stability. This led to the establishment of the OPEC Fund for International Development in 1976. in Vienna. responding to a big oil glut and 5 . economic and regular supply of petroleum to consuming nations. OPEC broadened its mandate with the first Summit of Heads of State and Government in Algiers in 1975. an efficient. with extensive decolonisation and the birth of many new independent states in the developing world. first in Geneva and then. in 1965. Membership grew to ten by 1969. which emphasised the inalienable right of all countries to exercise permanent sovereignty over their natural resources in the interest of their national development. in order to secure fair and stable prices for petroleum producers. The 1980s After reaching record levels early in the decade. prices began to weaken. oil prices rose steeply in a volatile market. OPEC developed its collective vision.

pushing up prices and increasing volatility in a well-supplied crude market. However. Environmental issues emerged on the international energy agenda. which was adjusting to the post-Soviet world. This was supported by OPEC introducing a group production ceiling divided among Member Countries and a Reference Basket for pricing. The 2000s An innovative OPEC oil price band mechanism helped strengthen and stabilise crude prices in the early years of the decade. OPEC sought fairness. OPEC’s second and third summits in Caracas and Riyadh in 2000 and 2007 established stable energy markets. as well as significant progress with OPEC/non-OPEC dialogue and cooperation. but to around half the levels of the early part. while another suspended its Membership. The 1990s Prices moved less dramatically than in the 1970s and 1980s. Oil was used increasingly as an asset class. Prices rallied in the final part of the decade. But excessive volatility and general price weakness dominated the decade. OPEC became prominent in supporting the oil sector. Prices soared to record levels in mid-2008. Breakthroughs in producerconsumer dialogue matched continued advances in OPEC/nonOPEC relations. balance and realism in the treatment of oil supply. sustainable development and the 6 . before collapsing in the emerging global financial turmoil and economic recession. OPEC’s share of the smaller oil market fell heavily and its total petroleum revenue dropped below a third of earlier peaks. causing severe economic hardship for many Member Countries. As the United Nations-sponsored climate change negotiations gathered momentum. greater regionalism. after the Earth Summit of 1992. One country left OPEC. But a combination of market forces. speculation and other factors transformed the situation in 2004. seen as essential for market stability and reasonable prices. as part of global efforts to address the economic crisis. and the South-East Asian economic downturn and mild Northern Hemisphere winter of 1998–99 saw prices back at 1986 levels. and timely OPEC action reduced the market impact of Middle East hostilities in 1990–91.consumer shift away from this hydrocarbon. globalisation. and OPEC’s share of newly growing world output began to recover. the communications revolution and other high-tech trends. a solid recovery followed in a more integrated oil market.

Iraq. These countries were later joined by Qatar (1961). Socialist People’s Libyan Arab Jamahiriya (1962). Saudi Arabia and Venezuela. a steady income to producers and a fair return on capital for those investing in the petroleum industry. Mission In accordance with its Statute. Kuwait. They were to become the Founder Members of the Organization. the mission of the Organization of the Petroleum Exporting Countries (OPEC) is to coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient. another reactivated its Membership and a third suspended it. with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran. Iraq. Indonesia (1962). economic and regular supply of petroleum to consumers.environment as three guiding themes. the 7 . Member countries The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad. One country joined OPEC. and it adopted a comprehensive long-term strategy in 2005.

Mauritania. which has fundamentally similar interests to those of Member Countries. Gabon terminated its membership in 1995. territorially. 1) ALGERIA: Covering an area of around 2. may become a Full Member of the Organization. To the north is the Mediterranean Sea. the Republic of Algeria is. Gabon (1975) and Angola (2007). The OPEC Statute distinguishes between the Founder Members and Full Members . Niger.4 million square kilometres.” The Statute further provides for Associate Members which are those countries that do not qualify for full membership. including the concurring votes of all Founder Members.United Arab Emirates (1967). It is situated in the north of the continent. OPEC’s largest Member Country and the second-largest country in Africa. if accepted by a majority of threefourths of Full Members. the Socialist People’s Libyan Arab Jamahiriya and Tunisia. Indonesia suspended its membership effective January 2009. Nigeria (1971).those countries whose applications for membership have been accepted by the Conference. Algeria’s struggle for 8 . Ecuador suspended its membership. the Western Sahara. and shares borders with Morocco. Currently. The Statute stipulates that “any country with a substantial net export of crude petroleum. The country achieved political independence in 1962 after more than a century of colonial rule by France. but are nevertheless admitted under such special conditions as may be prescribed by the Conference. the Organization has a total of 12 Member Countries. Mali. From December 1992 until October 2007. Algeria (1969). Ecuador (1973).

producing more than 400. Massinissa and Jugurta.4 billion barrels of proven oil reserves. with over 3. followed immediately by the Hassi Messaoud oil field the same year. whose most famous kings were Syphax.5 million living in the capital. With an estimated 6.59 9 . The country’s other natural resources include iron ore. 30 per cent of the gross domestic product. Arabic is the official language.78 43.69 30. • Algeria’s first commercial oil discovery was Edjelleh in 1956.40 2. Algiers.000 b/d Population (million inhabitants) Land area (1. and more than 95 per cent of export earnings. phosphates. while French and Berber Tamazight are also spoken. Algeria’s President is HE Abdelaziz Bouteflika. They ruled during the second and third century BC. uranium and lead. Production began in 1958.independence was one of the most bitter in Africa’s colonial history. accounting for roughly 60 per cent of budget revenues.751 132.382 15 3. Hassi Messaoud is Algeria’s largest oilfield. It has a population of more than 35 million. The currency is the dinar. Did you know? • Algeria was first known as the Kingdom of Numidia.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) 35. The hydrocarbons sector is the backbone of the economy. It joined OPEC in 1969.

000 b/d) Marketed production of natural gas (billion cu.49 12.67 b/d (barrels per day) cu. m. m. It has a population of over 18 million and is bordered by Zambia to the east.6 310 747 232.) Refinery capacity (1.) • • 0.000 b/d) Output of petroleum products (1.Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu.43 652 411.504 1.216 81.5 52.000 b/d) Natural gas exports (billion cu.20 4. m. (cubic metres) 2) ANGOLA: Located on the Atlantic coast in the southern part of Africa. the Republic of Angola is the second largest oil producer in Africa. m. Namibia to the south and the Democratic Republic of 10 .000 b/d) Crude oil exports (1.000 b/d) Exports of petroleum products (1.) Crude oil production (1.000 b/d) Consumption of petroleum products (1.

81 .Congo to the north. Population (million inhabitants) Land area (1.717 68. Angola gained independence from Portugal in 1975. Angola’s impressive economic growth rate is being driven by its oil sector.739 11 . Its capital city is Luanda and the national currency is the kwanza. Did you know? • Angola’s most important river is the Cuanza.2.247 15 3.50 1. Oil production and its supporting activities contribute about half of the nation’s gross domestic product and 90 per cent of exports.000 b/d) 18. but Bantu and other African languages are also spoken. m. • Angola first produced oil from the Benfica oilfield in the Cuanza Basin in 1955. Angola’s President is HE Dr José Eduardo dos Santos.50 310 1. Portuguese is its official language.76 40.) Crude oil production (1.99 38.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu.24 9. It joined OPEC in 2007. from which the country’s currency derives its name.

12 .000 b/d) Consumption of petroleum products (1. is located at the foot of the Alborz Mountains. chromium. Most Iranians speak Farsi.2 62 1.000 b/d) Natural gas exports (billion cu. (cubic metres) 3) IRAN: Stretching from Turkey and Iraq to Turkmenistan and Pakistan. while other languages include Azeri. It has a population of more than 74 million.) • • 0. The capital. manganese. coal.770 40.000 b/d) Crude oil exports (1. It is one of the world’s oldest continuous major civilizations. and is home to around seven million people. the Islamic Republic of Iran is the world’s 17th largest country in terms of territory. m. m. Apart from petroleum. copper.Marketed production of natural gas (billion cu. iron ore.8 -- b/d (barrels per day) cu.69 39 46. Tehran.6 million square kilometres.000 b/d) Output of petroleum products (1. the country’s other natural resources include natural gas. lead. m. zinc and sulphur.000 b/d) Exports of petroleum products (1. comprising more than 1.) Refinery capacity (1. The national currency is the rial. Kurdish and Luri.

61 55. It was drilled in 1908.60 7. • The Masjid-i-Solaiman.460 330. was the country’s first oil well.93 137.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) 74. Population (million inhabitants) Land area (1.46 70.800 metres and has several downhill runs.648 45 4. the first oil well in the Middle East.The Islamic Republic of Iran’s President is Mahmoud Ahmadinejad. It is also. located in the Khozestan province in the southwest of the Islamic Republic of Iran. It is a Founder Member of OPEC.10 1.01 13 . Did you know? • The Dizin ski resort near Tehran sits at 3.

The Middle Eastern nation comprises an area of 18. its other natural resources include natural gas and foodstuffs.) • • 29. and 80 per cent of government income.000 b/d) Natural gas exports (billion cu.000 b/d) Marketed production of natural gas (billion cu.726 1.Proven natural gas reserves (billion cu.474 1. It is a Founder Member of OPEC.8 5.) Crude oil production (1. (cubic metres) 4) KUWAIT: Located on the Arabian Peninsula bordering Saudi Arabia and Iraq.000 b/d) Exports of petroleum products (1.) Refinery capacity (1. Did you know? 14 .557 175.000 square kilometres and has a population of over three million. m.74 1. Kuwait is one of the most densely populated OPEC Member Countries.610 3.000 b/d) Output of petroleum products (1. m.000 b/d) Crude oil exports (1.232 300.67 b/d (barrels per day) cu. The Emir of Kuwait is Sheikh Sabah Al-Ahmad Al-Sabah. Kuwait has a prosperous economy. m. Its official language is Arabic.000 b/d) Consumption of petroleum products (1. 93 per cent of export revenues.795 2. Petroleum accounts for nearly half of its gross domestic product. m. Apart from petroleum.

50 1.240 105. m.784 2.000 b/d) 3.348 15 . Its history dates back to the early Stone Age. • Population (million inhabitants) Land area (1.75 101.262 11.57 27.49 936 892.000 b/d) Consumption of petroleum products (1.000 b/d) Crude oil exports (1.Failaka Island is considered the most beautiful of Kuwait’s islands.000 b/d) Marketed production of natural gas (billion cu.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu. • In 1938.000 b/d) Output of petroleum products (1. The commercial export of crude oil began in 1946.24 46.) Crude oil production * (1. m.48 18 194 30.7 274 1. the Kuwait Oil Company drilled the country’s first commercial oil well in the Al Burqan oilfield.) Refinery capacity (1.38 50.

Kuwait and Iraq in the north and Oman and Yemen in the south. Saudi Arabia has a population of more than 25 million. 45 per cent of gross domestic product. bordered by Jordan.Exports of petroleum products (1. The petroleum sector accounts for roughly 75 per cent of budget revenues. The national currency is the riyal.5 -- * including share of production from Neutral Zone b/d (barrels per day) cu. m. Saudi Arabia possesses 20 per cent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. more than three and a half million of whom live in the capital. the Kingdom’s other natural resources include natural gas. 16 . (cubic metres) 5) SAUDI ARABIA: The Middle Eastern Kingdom of Saudi Arabia straddles the Arabian Peninsula. Arabic is the official language. m.000 b/d) Natural gas exports (billion cu. Riyadh. making it the second largest OPEC Member Country. It is the 14th largest country in the world covering around two million square kilometres. and 90 per cent of export earnings. gold. Apart from petroleum. iron ore. and copper.) • • 673.

000 b/d) Consumption of petroleum products (1.) Refinery capacity (1. m. Saudi Arabia is a Founder Member of OPEC.109 1.000 b/d) Output of petroleum products (1.The Sovereign is the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al-Saud.184 78.48 264.920 8.440 metres in the Dammam oilfield.0 1. at a depth of 1. Did you know? • Saudi Arabia’s is home to the world’s largest continuous sand desert – the Rub Al-Khali. m. or Empty Quarter.59 7.911.) Crude oil production *(1.000 b/d) 25.000 b/d) Marketed production of natural gas (billion cu.53 157.552 369.405 17 . • Oil was first struck in Saudi Arabia in March 1938.41 20. Population (million inhabitants) Land area (1.150 12 14.67 175.40 2.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu.45 2.

m.4 -- * including share of production from Neutral Zone b/d (barrels per day) cu.Abu Dhabi. • The first commercial oil was discovered in 1958 – onshore in the Bab-2 well and offshore at Umm Shaif. the country has become a modern state with a high standard of living. It is thought that very few of these cats exist in the wild. The currency is the dirham. Since the discovery of oil in the UAE. The United Arab Emirates’ President is Sheikh Khalifa Bin Zayed Al-Nahyan. It joined OPEC in 1967. Arabic is the country’s official language.268 1. Ajman. Abu Dhabi. The country covers 84.000 b/d) Natural gas exports (billion cu. m.located along the southeast coast of the Arabian Peninsula.000 b/d) Exports of petroleum products (1.62 18 . Ras AlKhaimah. Population (million inhabitants) 4.008. Sharjah and Umm Al-Quwain . (cubic metres) 6) United Arab Emirates : The United Arab Emirates comprises seven emirates . About 30 per cent of the country’s gross domestic product is directly based on oil and gas output.000 square kilometres and has a population of around four and a half million.) • • 6. Did you know? • Desert Park in the Sharjah Emirate is a centre for the breeding of the endangered Arabian leopard.Crude oil exports (1. More than one million people live in the capital. Dubai. Fujairah.

) Crude oil production (1.) • • 84 55 49.000 b/d) Output of petroleum products (1.4 235 1.73 58.000 b/d) Exports of petroleum products (1. m. m.Land area (1.97 174. m.242 48.80 6.953 374.66 .000 b/d) Crude oil exports (1.1 15.84 466 400.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu.) Refinery capacity (1.000 b/d) Consumption of petroleum products (1.782 229.02 97.000 b/d) Marketed production of natural gas (billion cu.091 2. (cubic metres) 19 .000 b/d) Natural gas exports (billion cu. m.21 b/d (barrels per day) cu.7.

the capital since 1991. lead. Located on the Gulf of Guinea on Africa’s western coast. The country joined OPEC in 1971. coal. English is Nigeria’s official language. and about 65 per cent of budgetary revenues. Nigeria has over 150 million inhabitants. 95 per cent of foreign exchange earnings. Nigeria covers an area of 924.04 924 169 1.7) Nigeria : The most populous country within OPEC. has a population of more than one million. iron ore.00 33. Nigeria’s President is Dr. Abuja. Igbo and Ijaw are also spoken. in 1956. niobium. Nigeria’s other natural resources include natural gas.44 20 . zinc and arable land. Goodluck Ebele Jonathan. Population (million inhabitants) Land area (1. although many local languages such as Hausa. The country is also home to numerous important game reserves.064 166. The capital-intensive oil sector provides 20 per cent of gross domestic product. Apart from petroleum. Its currency is the naira.000 square kilometres. limestone. Did you know? • Conservationists say that Nigeria’s unique rainforest region is amongst the richest in Africa. in Nigeria’s Bayelsa State. such as the Yankari and Kainji national parks.000 sq km) Population density (inhabitants per sq km) GDP per capita ($) GDP at market prices (billion $) Value of exports (billion $) 156. tin. Yoruba. • Oil was first discovered in Oloibiri.

(cubic metres) SECRETARIAT 21 .20 5.000 b/d) Marketed production of natural gas (billion cu.000 b/d) Natural gas exports (billion cu.1 15. m.) Crude oil production (1. m.292 1.000 b/d) Consumption of petroleum products (1.4 225 2. m.47 20. m.05 37.99 b/d (barrels per day) cu.) • • 26.000 b/d) Exports of petroleum products (1.) Refinery capacity (1.Value of petroleum exports (billion $) Current account balance (billion $) Proven crude oil reserves (billion barrels) Proven natural gas reserves (billion cu.842 23.000 b/d) Crude oil exports (1.160 12.21 445 249.000 b/d) Output of petroleum products (1.

The OPEC Secretariat is the executive organ of the Organization of the Petroleum Exporting Countries (OPEC). SECRETARY GENERAL The Secretary General is the legally authorized representative of the Organization and Chief Executive of the Secretariat. 1965. the 8th (Extraordinary) OPEC Conference approved a Host Agreement with the Government of Austria. the Research Division and the Support Services Division. It is responsible for the implementation of all resolutions passed by the Conference and carries out all decisions made by the Board of Governors. effectively moving the Organization’s headquarters to the city of Vienna on September 1. In this capacity. Finance & Human Resources and Administration & IT Services departments. The Secretariat was originally established in 1961 in Geneva. it also functions as the Headquarters of the Organization. in accordance with the provisions of the OPEC Statute. Energy Studies and Multilateral Relations departments. The Support Services Division includes Public Relations & Information. as well as such staff as may be required for the Organization’s operations. It further consists of the Office of the Secretary General. The Secretariat consists of the Secretary General. The Research Division is comprised of the Data Services. the findings of which constitute key inputs in decision-making. Switzerland. he administers the affairs of the 22 . Petroleum Studies. In April 1965. Located in Vienna. It also conducts research. the Legal Office. who is the Organization’s Chief Executive Officer.

INTERNAL AUDIT: The Internal Auditor independently ascertains whether the ongoing processes for controlling financial and administrative operations at the Secretariat are adequately designed and functioning in an effective manner. seven Heads of Department. the General Legal Counsel. Ibibia Lucky Worika. Ali Omar. LEGAL OFFICE: It has the responsibility of providing legal advice to the Secretary General and supervising the Secretariat’s legal and contractual affairs. The Conference appoints the Secretary General for a period of three years. Dr. is headed by the General Legal Counsel. which may be renewed once for the same period. This appointment takes place upon nomination by Member Countries. The Office. which reports to the Secretary General. The position is currently occupied by Mr.Organization in accordance with the directions of the Board of Governors. It also evaluates legal issues of concern to the Organization. he reports directly to the Secretary General. Head of the Office of the Secretary General and the Internal Auditor. OFID 23 . In the course of his job. The Secretary General is assisted in the discharge of his duties by a team of officers and staff including two Directors responsible for the Research Division and Support Services Division.

Kuwait. as a collective financial facility to consolidate the assistance extended by its Member Countries namely Algeria. This amount has since then been replenished three times. Established as a multilateral development finance institution to promote cooperation between Member States of OPEC and other developing countries. SP Libyan AJ. Algiers. The Solemn Declaration. Saudi Arabia.The OPEC Fund for international development Sovereigns and Heads of State of OPEC Member Countries (MCs) do not meet regularly. OFID’s operations were launched in August 1976 with initial resources of about $800 million. Iraq.’ In this spirit. Nigeria. Qatar. OFID’s resources are additional to those already made available by OPEC MCs through a number of bilateral and multilateral channels. This could be said to be the effect their first meeting in 1975 has had on the world’s poor countries through the OPEC Fund for International Development. ‘reaffirmed the natural solidarity which unites OPEC MCs with other developing countries in their struggle to overcome under-development. issued by the Summit. The resources of OFID consist mainly of voluntary contributions by OPEC MCs and income derived from OFID’s investments and loans (interest and service charges). Islamic Republic of Iran. OFID was conceived at the Summit of the Sovereigns and Heads of State of the OPEC Member Countries (MCs) held in the Algerian capital. and called for measures to strengthen cooperation with these countries. United Arab Emirates and Venezuela. Indonesia. when they do meet. However. the impact is felt beyond the confines of the Organization’s MCs and for decades too. (OFID). OFID was established in January 1976. It has also been further increased by the profits accruing to seven OPEC Member Countries 24 . have the tendency to affect lives in a positive way. Gabon. Such meetings also. in March 1975.

Asia. By the end of March 2010. Latin America and Europe. assistance is extended to social and humanitarian development operations through three regular grant programs. a cumulative amount of $8. By the end of March 2010. Intermittently. in principle. OFID has spread its financing to 125 countries. the least developed and other lowincome countries are accorded priority and. Resources (31 December 2009) Contributions 1 $ million 2. These include grants for the establishment of the Common Fund for Commodities.703m had been committed for 1. such as the grant for the establishment of IFAD and the 25 . OFID has implemented 16 lending programs since its inception.through the sale of gold held by the International Monetary Fund (IMF). By the end of March 2010. Under the Private Sector Facility established in 1998. In the public sector.264 public sector loans. 144 operations have been approved in support of private entities in Africa. Technical Assistance. and four in Europe.190m had been committed and $525m disbursed. 28 in Latin America and the Caribbean. 74 per cent of outstanding loans were with Low Income countries and 50 per cent of all commitments were to Africa. In 2006. of which $5. became effective 1 January 2008. The 17th Lending Programme. of which 51 are in Africa. in addition to a Special Account for HIV/AIDS Operations and a Special Account for Palestine. 42 in Asia.221m had been disbursed. therefore. In the framework of grants. OFID has also established special grant accounts to respond to specific global needs. $578m in lines of credit and $619m in risk-sharing guarantees had been approved and $285m had been disbursed. OFID extended special grants in support of contemporary issues. approved for a three-year duration. However.184 All non-OPEC developing countries are. a Trade Financing program was launched. As of 1 January 2009. Over the years. Research and Similar Activities and Emergency Relief Aid.463 Reserve 3. eligible for OFID assistance. receive a larger share. $1.

By the end of March 2010. and through cooperative relationships with other international organizations. Conclusion The establishment and growth of OPEC is the history of the growing sovereignty of oil producing countries over their natural resources. A summary of its mission. can be found in the 26 .926m. OFID channeled $972m to two international institutions: it has channeled OPEC Members’ contributions to the initial capital and first replenishment of IFAD’s resources and made irrevocable transfers in the name of seven OPEC Members to the Trust Fund of the IMF. OPEC has consistently looked for ways to fulfill its mission of coordinating and unifying the petroleum policies of its Member Countries. 1. had been extended. and the events leading to the establishment of OPEC. Through the collaboration of its Member Countries. and ensuring the stabilization of oil markets. OFID’s total approved commitments (including grants and contributions to other institutions) as at the end of March 2010 stood at $11. In addition. amounting to $483m.food crisis in Africa.205 grants.

Secretariat’s General Information booklet.org/wiki/OPEC 3) petroleumindex. BIBLIOGRAPHY: 1) WWW.com 27 .wikipedia.ORG 2) en.OPEC. It also includes a brief description of the Organization’s structure. membership and leadership over the years.