The American Arab Chamber of Commerce strives to reach important goals that are meant lead to the creation of powerful economic bridges. No matter if you are interested in growing at a local, national, or global level, we are here to provide you with all the essential information you will need to get started. We are here to give you the active support you are looking for need and the ideal solutions for your blooming business. If you are interested in learning which are the fundamental aspects of the Organization of Arab Petroleum Exporting Countries, read on.
Highlights Of The Organization of Arab Petroleum Exporting Countries
The OAPEC is an organization that coordinates the energy policies of several Arab countries’ governments. The Arab nations that are part of the organization headquartered in Kuwait are all oil-producing. The main goal of the organization is to contribute to the development of these nations. The OAPEC was founded during a 1968 conference in Beirut, Lebanon. The conference was attended by Libya, Saudi Arabia, and Kuwait. The main goals of the newly-founded organization were to help separate the matter of the oil production and sale from politics. The decision was taken as a response to the oil embargo that was forced in 1967, directly related to the Six Day War fought between Israel, Egypt, Syria, and Jordan. Previous uses of oil embargos have been discussed before against Israel, but the rise of the Six Day War eventually led to the rise of the actual embargo. The same year recorded an increased oil production for Saudi Arabia. The embargo itself was held for ten days, ending by the Khartoum Conference in September 1, 1967.
Current Members Of The OAPEC
The Organization of the Arab Petroleum Exporting Countries was meant to put conservative ideas into practice when handling the political organization of the member countries. Accordingly, certain restrictions were imposed to those countries that were exporting oil and which were considered to be radical countries, such as Algeria and Egypt. The membership of these countries was therefore forbidden inside the organization. All three founding countries of the organization had to approve all new members, as stated in the additional rule that was added. Wanting to gain better control and power over the oil embargo regarded as an economic weapon, the OAPEC was regarded as being too conservative by Iraq, which refused to join it. Libya, Saudi Arabia and Kuwait also considered Iraq as being too radical to accept it as a member.
Later on, by 1972, the organization decided to change the main admission criteria: countries having oil as an important source of revenue (and not as the main source of revenue) would be accepted. Hence, Egypt, Iraq, Syria, and Algeria became members. Quatar, Bahrain, and the United Arab Emirates would later become members also. At the moment, the organization focuses on enhancing oil development cooperation and developing group projects.
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