Organization of Arab Petroleum Exporting Countries (OAPEC)
ORGANIZATION OF ARAB PETROLEUM EXPORTING COUNTRIES (OAPEC)
organization formed to promote cooperation among arab oil-producing states.
The Organization of Arab Petroleum Exporting Countries (OAPEC) is a regional organization, established in 1968 by Saudi Arabia, Libya, and Kuwait, and modeled after the older Organization of Petroleum Exporting Countries (OPEC). The other members are Algeria, Bahrain, Egypt, Iraq, Qatar, Syria, and the United Arab Emirates. Egypt was suspended between 1979 and 1987. Tunisia withdrew in 1986. The goals of OAPEC are to promote the oil interests of member countries, to enhance cooperation among them in production, marketing, and associated industries. It aims also to carry out joint ventures to diversify their economies, to participate in stabilizing the oil market, and to provide suitable circumstances for capital and experience to be invested in the member countries. Although OAPEC was not intended as a political instrument, one of the critical decisions taken by member states in 1973, at its Kuwait headquarters, was the oil embargo following the Arab-Israel War. Since that time, OAPEC oil and gas world share has been steady at about 25 percent, with significant increases mainly by Saudi Arabia and Kuwait to compensate for the two-thirds reduction of Iraq's share since 1990. OAPEC proven oil reserves have not increased. By 2010 OAPEC oil production may increase by 50 percent to 30 million barrels per day, to meet about one-third of world needs. OAPEC capacity utilization, already high at 85 percent, may increase to above 90 percent. As of 2003, OAPEC share of worldwide natural gas production stood at 35 percent; it may double by 2010.
"Organization of Arab Petroleum Exporting Countries." Available from <http://www.oapecorg.org>.
emile a. nakhleh
updated by karim hamdy
"Organization of Arab Petroleum Exporting Countries (OAPEC)." Encyclopedia of the Modern Middle East and North Africa. . Encyclopedia.com. 20 Jan. 2019 <https://www.encyclopedia.com>.
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