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Meetings Calendar 2006
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OPEC


Organisation of Petroleum Exporting Countries

http://www.opec.org

 

Employees: 134
In Vienna since: 1965
Member states: 11

OPEC (Organisation of Petroleum Exporting Countries) was the second major international organisation to base its secretariat in Vienna after the IAEA (International Atomic Energy Agency), which established its headquarters there in 1957. In 1965, OPEC moved its headquarters from Geneva to Vienna, and 2005 marked the 40th anniversary of that move. Along with the IAEA, OPEC thus laid the foundations for Vienna's role as a host of international organisations.

OPEC was founded in Baghdad by five countries on 14 September 1960: Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. OPEC has grown steadily over the years, and since 1971 has had 11 member states.

 

Tasks of OPEC:

  • Coordination and standardisation of the petroleum policies of its members
  • Determination of the best means of securing both their individual and their collective interests
  • Establishing order and stability on the oil market

 

OPEC Fund for International Development

www.opecfund.org

 

Employees: 138
In Vienna since: 1976
Countries receiving support: 109

In addition to the OPEC Secretariat, the OPEC Fund for International Development is also based in Vienna. The OPEC Fund is an international institution for funding development, established in 1976 by OPEC members. Since its creation, the OPEC Fund has made billions of US dollars available for development in some of the most disadvantaged regions in the world. The OPEC Fund focuses on Africa, Asia and Latin America, primarily in the 49 LDC (least-developed countries), that is, the least-developed economies with a GNP (gross national product) of less than USD 900.

 

Tasks of the OPEC Fund:

Provision of loans on especially favourable terms for financing projects and programmes and to support the balance of payments

  • Support for the private sector in developing countries
  • Provision of funding for technical support, food aid, research and emergencies
  • Contributions to the resources of other development cooperation organisations

 

Date: 04.01.2006