The Board of Governors, or BoG, can be compared to the board of directors of a commercial organization. The BoG is composed of Governors nominated by Member Countries and confirmed by the Conference for two years. The Board directs the management of the Organization; implements Resolutions of the Conference; draws up the Organization’s annual budget and submits it to the Conference for approval. It also decides upon any reports submitted by the Secretary General and submits reports and recommendations to the Conference on the affairs of the Organization.

The role of the Board of Governors is described in Article 20 of the OPEC Statute (below).

The Board of Governors shall:

1. Direct the management of the affairs of the Organization and the implementation of the decisions of the Conference;

2. Consider and decide upon any reports submitted by the Secretary General;

3. Submit reports and make recommendations to the Conference on the affairs of the Organization;

4. Draw up the Budget of the Organization for each calendar year and submit it to the Conference for approval;

5. Nominate the Auditor of the Organization for a duration of one year;

6. Consider the Statement of Accounts and the Auditor's Report and submit them to the Conference for approval;

7. Approve the appointment of Directors of Divisions and Heads of Departments, upon nomination by Member Countries, due consideration being given to the recommendations of the Secretary General;

8. Convene an Extraordinary Meeting of the Conference; and

9. Prepare the Agenda for the Conference.