News: The OPEC Secretariat hosted the 4th High-Level Meeting of the OPEC-India Dialogue via videoconference.
Facts:
- Organization of the Petroleum Exporting Countries(OPEC): It is a permanent, intergovernmental Organization created at the Baghdad Conference in 1960 by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
- Aim: To manage the supply of oil in an effort to set the price of oil on the world market and to avoid fluctuations that might affect the economies of both producing and purchasing countries.
- Members: Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates and Venezuela
- Headquarters: Vienna, Austria.
Additional Facts:
- OPEC Fund for International Development: It is a multilateral development finance institution established in 1976. Its 12 Member Countries are: Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the United Arab Emirates and Venezuela.
