Iran takes over OPEC presidency

Iran has officially taken over the presidency of the Organization of Petroleum-Exporting Countries for the first time in the past 36 years.

Iran takes over OPEC presidency

Iran has officially taken over the presidency of the Organization of Petroleum-Exporting Countries (OPEC) for the first time in the past 36 years.

As OPEC's presidency is determined in alphabetical order, the member states highlighted in their October meeting that Iran's year-long tenure would start as of 2011, the Islamic Republic of Iran News Network reported.

Press TV quoted an Iranian Oil Ministry official as saying that Iran is likely to host an OPEC meeting as the country which holds the organization's rotating presidency can invite oil ministers of the member states to meet there once.

OPEC is a permanent intergovernmental organization of 12 oil-exporting developing nations that includes Algeria, Angola, Ecuador, Iraq, Iran, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

OPEC, which supplies 25 percent of global oil demand, coordinates and unifies the petroleum policies of its member countries.

OPEC has maintained its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its member countries.

The OPEC Secretariat is the executive body of the organization. Located in Vienna, it also functions as the Headquarters of the Organization, in accordance with the provisions of the OPEC Statute.


Agencies

Last Mod: 02 Ocak 2011, 09:46
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