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Chapter 4 . About OPEC
The Conference
The Conference is OPEC’s supreme
authority. It consists of Heads of
Delegations from each Member Country.
It is responsible for the formulation of
the Organization’s general policies.
The Conference meets twice a year to
look at market conditions. These are
‘Ordinary Meetings’.
In addition, the Conference holds
‘Extraordinary’ Meetings when required.
Organizational Structure
Board of Governors
OPEC’s Board of Governors is
composed of representatives nominated
by Member Countries and confirmed by
the Conference.
The Board manages the Secretariat,
implements the resolutions of the
Conference, prepares the Secretariat’s
annual budget and submits it to the
Conference for approval.
The Board makes decisions based on
reports submitted by the Secretary
General. The Board also submits its
own reports and recommendations on
the activities of the Organization to the
Conference.
Economic Commission Board
The Economic Commission Board
(ECB) is a special research body within
the Secretariat. It considers current
market conditions, the situation of the
global economy and forecasts the future
direction of market fundamentals.
The ECB is composed of National
Representatives from Member
Countries, a Commission Coordinator
(who is also the Director of the
Secretariat’s Research Division) and the
Secretary General.
Ministers and Heads of Delegations
with Ecuador’s President, Rafael
Correa (7th from the right), at
the 158th Meeting of the OPEC
Conference in Quito, Ecuador,
December 2010.
1...,50,51,52,53,54,55,56,57,58,59 61,62,63,64,65,66,67,68