54 years from foundation of OPEC
 Tbilisi 12:02 - 14.09.14 «GHN»
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Today September 14 is the anniversary form the foundation of Organization of the Petroleum Exporting Countries (OPEC). OPEC was founded in 1960 on September 14, reports GHN.
Organization of the Petroleum Exporting Countries, shortly cartel includes oil producing countries Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Doha, Saudi Arabia, United Arab Emirates, Ecuador and Venezuela. Since 1965 office of the organization is located in Austria, Vienna.
The main aim of the organization due to the regulation is to determine possibilities of protection of individual and collective interests of members that take into account finding ways and possibilities to provide with stabilization of prices of international oil market to avoid damaging volatility. Permanent protection of interests of producing countries is expressed in provision with stable income; effective, economic and permanent supply to consumer countries, also guarantee the profitability of capital for those who makes investments in this industry. The influence of OPEC on the market was not always stable. In 1973 while oil crisis OPEC tried to use embargo that became reason for high Inflation in developing and developed countries. After this the influence of OPEC of oil prices is law because of development of wells of Gulf of Mexico, North Sea and also because of flexibility of the market. In spite of this OPEC still has important influence on oil supply and its prices of world market.


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