What is OAPEC?
The Organization of Arab Petroleum Exporting Countries (OAPEC) is a crucial inter-governmental organization headquartered in Kuwait. OAPEC aims at fostering deeper cooperation among its 11 member Arab oil-exporting nations for sustainable economic growth and effective resource utilization.
A Brief History of OAPEC
OAPEC was founded on January 9, 1968, by Kuwait, Libya, and Saudi Arabia. Soon, several other Arab nations joined, including Algeria, Bahrain, Egypt, Iraq, Qatar, Syria, Tunisia, and the United Arab Emirates, taking membership to 11 by 1982. The organization’s primary mission has always been to integrate Arab countries economically and to coordinate better use of natural resources.
The Unique Structure of OAPEC
Ministerial Council
The top-tier body managing OAPEC, the Ministerial Council, comprises Councils of Ministers. This Council decides on major organizational policies, accepts new countries as members, and approves meeting invitations.
Executive Bureau
The Executive Bureau drafts the Council’s agenda, amends regulations, reviews budgets, and advises the Council on various issues. Each member country has one representative in this Bureau.
General Secretariat
The General Secretariat is headed by the Secretary-General, who acts as OAPEC’s official spokesperson and legal representative. This Secretariat executes the organization’s day-to-day operations in line with the original OAPEC agreement.
Judicial Tribunal
Established via a special protocol in 1978, the Judicial Tribunal consists of an uneven number of Arab judges. This judiciary body oversees legal issues within the organization.
Significant Influence of OAPEC
OAPEC has significantly impacted the Arab oil and gas industry. Since its inception, it has facilitated massive growth in oil reserves, oil, and natural gas production. While back in 1980, oil reserves were about half of what they are today (710 billion barrels in 2016), gas reserves sky-rocketed from 15 to 53 trillion cubic meters. Arab petrochemical production also has grown substantially, crossing 150 million tons annually. Additionally, OAPEC’s data strongly influences global perceptions and market behaviors regarding Arab energy reserves.
Related Terms: OPEC, Petroleum, Oil Reserves, Energy Industry, International Cooperation.
References
- Organization of Arab Petroleum Exporting Countries. “History - The Definition of the Organization”.
- Organization of the Petroleum Exporting Countries. “Member Countries”.
- Organization of Arab Petroleum Exporting Countries. “History - The Definition of the Organization”.
- Organization of Arab Petroleum Exporting Countries. “Ministerial Council”.
- Organization of Arab Petroleum Exporting Countries. “The Executive Bureau”.
- Organization of Arab Petroleum Exporting Countries. “The General Secretariat”.
- Organization of Arab Petroleum Exporting Countries. “The Judicial Tribunal”.
- Gulf News. “Arab Oil Grouping Could Have Done a Lot More”.
