Established by an agreement amongst Arab countries which rely on the export of petroleum, the Organization of Arab Petroleum Exporting Countries (OAPEC) is a regional inter-governmental organization concerned with the development of the petroleum industry by fostering cooperation among its members. OAPEC contributes to the effective use of the resources of member countries through sponsoring joint ventures. The Organization is guided by the belief in the importance of building an integrated petroleum industry as a cornerstone for future economic integration amongst Arab countries.
