Opec -The Organization of Petroleum export countries -was established more than thirty years ago. The treaty establishing the organization was registered at the United Nations secretariat on Nov. 6,1962.

The first Opec conference was convened in Baghdad on 10-14 September 1960. The United Arab Emirates joined the organization in accordance with the Federal Decree No. (23) for the year 1974.

Opec has always sought to maintain a stable oil market in the interests of both producers, Opec and non-Opec consumers countries developing and developed. Opec is an organization of thirteen oil producing and exporting countries from Africa, Asia and Latin America. These countries have a total population of about 400 million and a great diversity of culture, religions and societies. For these countries oil is the sole marketable commodity and foreign exchange earner.

Opec was born of protest -Protest against the high and severs handedness of major international oil companies. The so called' Seven Sisters' before the advent of Opec these seven international oil companies had created "States within States" in the oil producing countries. Controlling the amount of oil lifted, how much was sold to whom it has sold and at what price!!! Things now have changed. Opec has become master of setting forth its production and pricing strategy.