Erbil, Jan.1 (AKnews)- With the advent of the New Year 2011 Iran assumed the presidency of the Organization of Petroleum-Exporting Countries (OPEC). The tenure was determined by alphabetical order, Press TV reported.
This is the first time after 36 years that Iran occupies the position. The member states had in October meeting agreed on Iran’s presidency.
The oil ministers of the member states are, thus, likely to meet once in Iran, the country which holds the presidency of the organization, Press TV cited an Iranian Oil Ministry official as saying.
OPEC is a permanent intergovernmental cartel of 12 oil-exporting nations that also includes Algeria, Angola, Ecuador, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE and Venezuela. It organizes and unifies the petroleum policies of its members.
Founded in 1960 in Baghdad, OPEC has maintained its headquarters in Vienna since 1965 and hosts regular meetings among the oil ministers of its member countries.
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