What Does OPEC Stand For?


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Mehreen Misbah Profile
Mehreen Misbah answered
OPEC stands for Organization of Petroleum Exporting Countries, which is an international organization and its members comprise of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Saudi Arabia, the United Arab Emirates (UAE) and Venezuela. Vienna that is in Australia has been the international headquarters for OPEC since the year 1965.

Being responsible for holding two-thirds of the world's oil reserves, the OPEC focuses on two prime objectives. The first one is to entrench and safeguard the interests of its members, ensuring them a fair share of return on their oil trade with consumer nations. This safeguard of interest for members is both on a collective as well as an individual basis. Moreover OPEC focuses on stabilizing the world oil prices and encumber any sort of factors that could contribute towards fluctuations in the world oil prices. This includes precluding the menace of inflation. In addition to that, the member countries should sustain healthy relation with their consumers by ensuring a regular, steady, economic and efficient supply of oil to all of their consumer stakeholders.

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