The Organization of the Petroleum Exporting Countries (OPEC) is a permanent intergovernmental organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by nine other Members: Qatar (1961); Indonesia (1962) -- suspended its membership from January 2009; Socialist Peoples Libyan Arab Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) -- suspended its membership from December 1992-October 2007; Angola (2007); and Gabon (1975–1994).
156th (Ordinary) OPEC Meeting
Wednesday, 17 March 2010
Keynote address by OPEC Secretary General, HE Abdalla S. El-Badri, to the Chatham House Conference, London, UK - 1st February 2010
Thank you, Mr. Chairman.
Ladies and gentlemen: Good morning.
I have the pleasure once more to speak at Chatham House – this time about the Middle East and North Africa, a region to which many OPEC Member Countries belong.
This year, your conference coincides with the celebration of OPEC’s 50th Anniversary.
In 1960, when OPEC was born, the Middle East was already an important and growing crude supply region, while North Africa was in the early stages of developing its newly found oil reserves.
At that time, the five founding members of OPEC held a total of around 200 billion barrels of reserves or two-third of world reserves. On average, they supplied 7.9 million barrels per day of crude to world markets, representing more than one-third of total world production.
Today, fifty years later, OPEC is even more important.
OPEC reserves have multiplied by... [continues]
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