Organization of Arab Petroleum Exporting Countries
The Organisation of Arab Petroleum Exporting Countries was founded in Beirut, Lebanon on 1 January 1968 by Kuwait, Libya and Saudi Arabia. The aim of the three founding countries was to protect their interests and to coordinate their oil trade, with the long term objective of fostering economic integration amongst Arab countries.
At present time, the OAPEC includes 10 members: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Syria and United Arab Emirates.
In 1986, Tunisia submitted a request for withdrawal. The Ministerial Council agreed to suspend Tunisia’s rights and obligations in OAPEC.
These countries account for about one fourth (1/4) of the total world oil production.
The OAPEC has sponsored the following institutions:
Arab Maritime Petroleum Transport Company (AMPTC), 6 May 1972: Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, and the United Arab Emirates.
Arab Shipbuilding and Repair Yard Company (ASRY), 8 December 1973: Bahrain, Iraq, Kuwait, Libya, Qatar, Saudi Arabic, and the United Arab Emirates.
Arab Petroleum Investments Corporation (APICORP), November 1975: all OAPEC countries
Arab Petroleum Services Company (APSCO), 23 November 1975: all OAPEC countries
Arab Petroleum Training Institute (APTI) May 1978