Organization of Arab Petroleum Exporting Countries
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Organization of Arab Petroleum Exporting Countries |
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OAPEC ESTABLISHMENT
Established by an agreement amongst Arab countries
which rely on the export of petroleum, the Organization of Arab Petroleum
Exporting Countries (OAPEC) is a regional inter-governmental organization
concerned with the development of the petroleum industry by fostering
cooperation among its members. OAPEC
contributes to the effective use of the resources of member countries through
sponsoring joint ventures. The
Organization is guided by the belief in the importance of building an
integrated petroleum industry as a cornerstone for future economic integration
amongst Arab countries. On January 9, 1968,
Kuwait, Libya and Saudi Arabia signed in Beirut an
agreement establishing OAPEC. The three founding members agreed that the Organization would be located
in the State of Kuwait. By 1982 the membership of the Organization has risen to eleven Arab oil exporting countries: Algeria (1970), Bahrain (1970), Egypt (1973), Iraq (1972), Kuwait (1968), Libya (1968), Qatar (1970), Saudi Arabia (1968), Syria (1972), Tunisia (1982) and United Arab Emirates (1970). In 1986, Tunisia submitted a request for withdrawal. The Ministerial Council deliberated the request and it was agreed to suspend Tunisia’s rights and obligations in OAPEC, until such a time that Tunisia chooses to reactivate its membership.
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