Differentiate between OPEC and APEC is in terms of their function.
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Answer:
The OPEC
The Organization of Petroleum Exporting Countries or OPEC was founded in the second half of the XX century. It was first established in Baghdad with 12 member countries. All members were the biggest and most significant oil producers in the world. This included both Arabian and none- Arabian countries.
The OPEC was created to regulate petroleum policies among all members. This way all interests would be protected, those that were individual and collective. In this sense, the production, availability, and prices of oil in the market would be regulated, securing the stability of petroleum in the market.
OAPEC cares for the economic development of its member countries. It aims to safeguard the best interests of the Arab oil- producing countries, individually and collectively. This means that terms related to the production and commercialization of oil will be regulated in an equitable and reasonable way.
Also, unlike the OPEC, the OAPEC works to create investment opportunities in the member countries. This happens because oil is understood by the Arab countries as a source of national income that should help to boost the industry and economic conditions of each country.
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