When nations, groups or individuals come together for the achievement of a common objective, their aspirations and goals are often expressed in the form of a statement of principles or ‘statute’. Upon adoption, the Statute becomes a formal instrument that regulates the scope and authority of the group or organization. It may be amended as the Organization expands.
The Organization of the Petroleum Exporting Countries (OPEC) has a Statute which was adopted by a unanimous decision of its Founder Members under Resolution II.6 at its second meeting held in January 1961 in Caracas, Venezuela.
The Statute stipulates that the principal aim of OPEC is to harmonise the petroleum policies of its Member Countries as part of its efforts to safeguard their interests. It further states that members of the Organization shall work together to ensure stable oil prices, secure fair returns to producing countries and investors in the oil industry, and provide a steady petroleum supply to consumers.
The Statute has been amended fourteen times over the course of the Organization’s 50-year history. All amendments and updates to the Organization’s statutes have been in line with the founding vision of the Organization and have been implemented in order to make the Organization function better, more efficiently and with a greater impact in the pursuit of its stated objectives.