EUROPEAN ECONOMIC COMMUNITY (E.E.C): This organization was established in Rome on 25th March 1957. It has the following countries as members. Belgium, Britain, France, Italy, Ireland, Luxembourg, Denmark, Netherlands, and Western Germany
Despite the remarkable achievements recorded by OPEC, the organization is still beseeched with the following problems: Violation of the organization’s regulations by some member countries producing above the stipulated quota. Disagreement among member countries on price to be charged per barrel of oil. The problem of granting production quotas per country. The problem of cultural …
Raising the price of oil among member states. Ensuring that oil is not excessively produced by member states. Stabilizing oil prices. Ensuring that a uniform oil royalty is paid to the oil producing countries.
To secure a high stability of oil prices. To secure a complete regulation and control of the supply of petroleum to the world market. To secure a common petroleum policy among member states. To raise funds for the development of the economy of member states. To control production level of member states in …
ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC): This organization was established in 1960 with the sole motive of promoting a good and stable price in the oil market. The organization is made up of thirteen member countries including Nigeria who joined the organization in 1971.