50 years - Austria / II. Republic of Austria 2010 - 140 Euro Cent

The Organization of Petroleum Exporting Countries (OPEC) is an international organization founded in Baghdad in September 1960, exactly 50 years ago. Since 1965 the cartel has its seat in Vienna. The original members were Iran, Iraq, Saudi Arabia, Kuwait and Venezuela; Later, another seven states joined (Libya, Qatar, the United Arab Emirates, Angola, Algeria and Nigeria). Furthermore, Ecuador from 1973 to 1992 and Gabon from 1975 to 1992 were member states of OPEC. In November 2007, Ecuador returned to the organization after a 15-year break, but Indonesia resigned in January 2009. In total, OPEC member countries produce about 40 percent of international oil production and have about three quarters of the world's oil reserves. However, after all non-OPEC countries have exceeded their maximum production levels, it is to be expected that the influence of OPEC will continue to increase in the future. The objective of OPEC is clear: a monopolized oil market that can hedge against price formation on the world market by setting production quotas for each OPEC member and regulating oil production. Due to the artificial shortage or increase in oil production, the price should be adjusted worldwide by agreement of all OPEC member countries in such a way that it lies within a fixed, for a longer period valid target price corridor. The official organs of OPEC are the Ministerial Conference, the Board of Governors, the Secretariat and the Secretary-General. In addition, a Legal Advisory Council (General Legal Council) and an Internal Auditor (Auditor) are set up. Twice a year, OPEC Ministers for Energy and Petroleum meet at the ministerial conference to assess the state of the oil market and prepare for action - to help ensure a stable oil market and to safeguard its own crude oil profits. It is essential to determine the corresponding production quotas, which have been linked to available reserves since 1985. If the quotas are exceeded, the ministerial conference can of course introduce sanctions - but that has not happened so far is mainly due to the fact that individual states have always corrected their oil reserves upwards in the past. On 17 March 2010, the new main building of the OPEC in Vienna (corner Wipplingerstraße - Helferstorferstraße in the 1st district) was officially opened at the 156th session. The corresponding rental costs are borne equally by the Republic of Austria and the City of Vienna.