Somtochukwu

The objectives of the Organisation of Petroleum Exporting Countries (OPEC) include the following:

1. Stabilization of price of oil in the world market in order to eliminate fluctuations.
2. Co-ordination and harmonization of oil policies of member nations to bring them in line with the standard set by OPEC.
3. Stabilization of oil income by its member- nations.
4. To ensure steady supply of oil to consuming nations.
5. To negotiate for the participation of member- nations in oil exploitation and exploration.
6. It fixes and allocates production quotas to member-nations.
7. OPEC examines and ensures that participation of foreign multinational companies in oil exploitation and exploration does not jeopardize the interest of its member nations.

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