Saudi Arabia will host the third summit of the heads of member states of the Organization of Petroleum Exporting Countries (OPEC) on 17 and 18 November 2007. The summit is scheduled to discuss three main issues: energy supplies provision, the bolstering of the world economy and environment protection. The first summit of the heads of member states of OPEC was held in Algeria in 1975. The second summit was held in Venezuela in 2000. The following report reviews the history, work and departments of OPEC. OPEC was created at the Baghdad Conference in September 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The Baghdad Conference discussed the cuts that were made in oil prices and more control of the oil prices and production arrangements. --MORE
