Iran becomes OPEC chairman

For the first time in 36 years the 12 members of OPEC have approved an Iranian Oil Minister, Said Magsud Mirkyazyn, as the chairman of their organization for 2011, Iranian representative to OPEC Mohammad Ali Hatibi announced, Mehr reports.

The decision was made at the 157th session of OPEC, which started on October 14.

OPEC consists of 12 countries: Algiers, Angola, Venezuela, Iraq, Iran, Qatar, Kuwait, Libya, Nigeria, UAE, Saudi Arabia and Ecuador. The cartel fulfills 35% of the world’s demand for oil.

OPEC was established in Baghdad in 1960. Its goal is to coordinate the member-states' activities and develop a single oil extraction policy, stability of oil prices, stable oil transport and investment into oil industry.

Energy and oil ministers of OPEC member-countries hold meetings twice a year to discuss the situation on the world oil market and make forecasts for the future. They make decisions on stabilizing the market and changes to oil extraction levels according to market demands.