- March 19, 2020
- Natlaw Review
What is Going on With OPEC??
There have been many changes recently, but one of the changes on the forefront of my mind has been “what is going on with OPEC”? It feels like a major shift has happened with The Organization of the Petroleum Exporting Countries (“OPEC”).
By way of a short reminder, OPEC has been around since 1960 – in fact, this year marks the 60th year since its founding. Its mission is:
“to coordinate and unify the petroleum policies of its Member Countries and to ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”
There are 13 member countries including Saudi Arabia.
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