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(text from the
official booklet)
The organization of
the Petroleum Exporting Countries (OPEC) is a permanent,
intergovernment Organization, created at the Baghdad Conference on
September 10, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and
Venezuela. The five Founding Members were later joined by seven
other Members: Qatar (1961); Socialist People's Libyan Arab
Jamahiriya (1962); United Arab Emirates (1967); Algeria (1969);
Nigeria (1971); Equador (1973); Angola (2007). OPEC had its
headquarters in Geneva, Switzerland, in the first five years of
its existence. This was moved to Vienna, Austria, on September 1,
1965.
OPEC's objective is
to co-ordinate and unify petroleum policies among Member
Countries, in order to secure fair and stable prices for petroleum
producers; an efficient, economic and regular supply of petroleum
to consuming nations; and a fair return on capital to those
investing in the industry.
Libya Post Co.
issues this stamp to commemorate this occasion.
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