Organization of Arab Petroleum Exporting Countries (OAPEC)

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Definition of 'Organization of Arab Petroleum Exporting Countries (OAPEC)'

The Organization of Arab Petroleum Exporting Countries (OAPEC) is an international organization of Arab states that are major exporters of petroleum. The organization was established in 1968 with the aim of coordinating and unifying the petroleum policies of its member states. OAPEC's headquarters are located in Kuwait City, Kuwait.

OAPEC's member states are Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, and the United Arab Emirates. The organization's total oil production is estimated to be around 30% of the world's total oil production.

OAPEC's main objectives are to:

* Coordinate and unify the petroleum policies of its member states.
* Promote the development of the petroleum industry in its member states.
* Protect the interests of its member states in the international petroleum market.
* Promote cooperation among its member states in the field of petroleum.

OAPEC has a number of different bodies that are responsible for carrying out its objectives. These bodies include the Ministerial Council, the Secretariat General, and the Technical Committees.

The Ministerial Council is the supreme decision-making body of OAPEC. It is composed of the oil ministers of the member states. The Ministerial Council meets at least once a year to discuss and decide on matters related to the petroleum industry.

The Secretariat General is the executive body of OAPEC. It is headed by the Secretary General, who is appointed by the Ministerial Council. The Secretariat General is responsible for carrying out the decisions of the Ministerial Council and for managing the day-to-day affairs of OAPEC.

The Technical Committees are responsible for providing technical advice and assistance to the member states on a variety of petroleum-related issues. There are currently six Technical Committees: the Petroleum Economics Committee, the Petroleum Industry Committee, the Petroleum Training and Research Committee, the Petroleum Supply and Distribution Committee, the Petroleum Marketing Committee, and the Petroleum Environmental Protection Committee.

OAPEC has played an important role in the development of the petroleum industry in its member states. The organization has helped to promote cooperation among its member states and to protect their interests in the international petroleum market. OAPEC has also played a role in promoting the development of the petroleum industry in other countries around the world.

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