Organization of Arab Petroleum Exporting Countries
The Organization of Arab Petroleum Exporting Countries (OAPEC) is a multi-governmental organization headquartered in Kuwait which coordinates energy policies among oil-producing Arab nations. OAPEC's primary objective is safeguarding the cooperation of numerous members in various aspects of economic activity within the oil industry as well as maintaining strong relations among themselves; to provide legitimate means to preserve the members' individual and collective efforts within the industry; unite on-going efforts for the procurement of oil; provide access to consumer markets on fair and reasonable terms; and provide conditions, adequate capital, and experience of investors in the oil industry.
OAPEC was originally intended to be a conservative Arab political organization which, by restricting membership to countries whose main export was oil, would exclude governments seen as radical — such as those of Egypt and Algeria. This organizational exclusivity was bolstered by an additional rule in the organization's charter requiring the three founders' approval of all new members. The original aim was to control the economic weapon of potential oil embargo and prevent its use caused by popular emotion. Iraq initially declined to join, preferring to work under the umbrella of the Arab League, considering OAPEC too conservative. Equally the three founders considered Iraq too radical to be desirable as a member. However, by early 1972, the criterion for admission had changed to oil being a significant source of revenue (rather than the principal source) of a prospective member nation; and Algeria, Iraq, Syria and Egypt had been admitted. Consequently, OAPEC became a much more activist organization, contrary to the original intention.
In 1982, the Arab League's Arab Petroleum Congress (founded in 1959) merged into OAPEC's Arab Energy Conference (founded in 1979), which has continued to meet periodically through at least 2014.
OAPEC is regarded as a regional, specialized international organization focusing on organizing cooperation in oil development, collective projects, and regional integration.
citation needed] The Judicial Tribunal mitigates disputes between member states; interpretations of the OAPEC Agreement; disputes with a petroleum company operating in its member states' territory, and anything else that falls into OAPEC's jurisdiction or that the Council of Ministers submits to the tribunal. The Judicial Tribunal must unevenly consist of at least seven and no more than eleven judges from Arab countries. The tribunal's judgments are final and binding, and will be enforceable within the territories of residing members.[
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